Ajmera Realty zooms 4% on strong QoQ sales growth

The company argued that year-on-year comparisons are not comparable due to a massive sales launch including Manhattan (a project in Wadala) last year.

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Shares of Ajmera Realty rose nearly 4 percent after the company said its sales surged during the first quarter of financial year 2024 amid booming demand for real estate.

The company in a release said it clocked sales value of Rs 225 crore and collection of Rs 111 crore for the Q1FY24, witnessing growth of 60 percent and 8 percent respectively on Q-o-Q basis as compared to Q4 FY23. On a YoY basis though both numbers were down 44 percent and 47 percent respectively.

The company argued that year-on-year comparisons are not comparable due to a massive sales launch including Manhattan (a project in Wadala) last year.

During Q1 FY24, the sales growth was driven by the implementation of a revamped sales strategy for its Bengaluru projects, it said. Additionally, the successful launch sales of Ajmera Eden, which commenced in June 2023, contributed significantly to the sales growth, it added.

“Our performance aligns seamlessly with our 5x growth strategy, demonstrating our commitment to driving substantial growth and creating lasting value. Looking ahead, we are highly optimistic about the favourable market conditions in the real estate sector. With stabilising interest rates, we are witnessing a notable upturn in customer sentiment and a strong inclination to purchase from trusted brands like ours,” said Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd.
.
“Furthermore, we have a robust launch pipeline, which significantly bolsters our confidence in achieving our growth objectives and generating enduring value for all stakeholders.”

As of 10.30 am, the stock traded up 4 percent at 379 on BSE. The counter has moved 20 percent in the current year so far against a 7 percent jump in Sensex in the same period.