Suraj Estate Developers Ltd - 544054 - Announcement under Regulation 30 (LODR)-Press Release / Media Release (Revised)
Intimation of Press Release of Suraj Estate Developers Limited for announcement of launch of new residential project "Suraj Lumina" in Mumbai
Suraj Estate Developers rise 4% on luxury housing project launch in Mumbai
A meeting of the board of directors of the company is scheduled to be held on February 12, 2024. Suraj Estate Developers Ltd - 544054 - Board Meeting Intimation for Consideration Of Standalone And Consolidated Un-Audited Financial Results Of The Company For The Quarter Ended December 31, 2023.
Suraj Estate Developers Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 12/02/2024 ,inter alia, to consider and approve Standalone and Consolidated Un-Audited Financial Results Of The Company for the Quarter Ended December 31, 2023. Suraj Estate Developers Ltd - 544054 - Announcement under Regulation 30 (LODR)-Newspaper Publication
Copy of Newspaper Publication of Financial Results Q2FY24 Quarterly Result Announced for Suraj Estate Developers Ltd.
Realty company Suraj Estate Developers announced Q2FY24 results: Financial Performance Highlights Revenue: Suraj Estate Developers reported a Q2FY24 revenue of Rs 103.46 crore, marking a marginal quarter-over-quarter (QoQ) growth of 1.0% from Rs 102.41 crore in Q1FY24. EBITDA: The company saw a substantial increase in its EBITDA, with a 35.1% QoQ growth, reaching Rs 63.14 crore in Q2FY24, up from Rs 46.73 crore in Q1FY24. EBITDA Margin: The EBITDA margin expanded significantly from 45.6% in Q1FY24 to 61.0% in Q2FY24. PAT (Profit After Tax): Suraj Estate Developers witnessed a PAT growth of 16.5% QoQ, with the value climbing to Rs 16.92 crore in Q2FY24 from Rs 14.53 crore in Q1FY24. Borrowings and Debt Management Debt Reduction: The company reduced its borrowings substantially, with debt coming down to Rs 554.35 crore as of September 30, 2023, from Rs 598.50 crore as of June 30, 2023. Debt Prepayment: The prepayment/repayment of debt amounted to Rs 285 crore in December 2023 from IPO proceeds, along with an additional repayment of Rs 23.50 crore funded by gross collection proceeds. Interest Cost Savings: These repayments are expected to result in interest cost savings of approximately Rs 40-45 crore going forward. Sales and Operational Performance Sales Area: The sales area in Q2FY24 stood at 19,397 sq.ft., compared to 29,489 sq. ft. in Q1FY24. Sales Value: The company's sales value in Q2FY24 was reported at Rs 85.22 crore, while in Q1FY24, it was Rs 133.33 crore. Collections: Collections during Q2FY24 were Rs 67.25 crore, down from Rs 69.42 crore in Q1FY24. Strategic Developments New Launches: The company plans to launch Project Lumina in Mahim, Mumbai, in Q4FY24 and has already reached the Piling stage of work. Ongoing Projects: Progress was reported on several luxury projects, including Palette in Dadar, Bandra Phase 1, and forthcoming commercial projects. Commenting on the performance, Rahul Thomas, Executive Director, of Suraj Estate Developers, said, “We are extremely pleased with our recent listing on stock exchanges and are excited as we continue our journey, now as a listed entity. During the IPO, we had raised Rs 400 crore of which a large sum was to repay debt. I am happy to inform you that, we have prepaid/repaid debt to the tune of Rs 285 crore in December 2023 using the IPO proceeds and an additional Rs 23.50 crore of unsecured debt is repaid from gross collection proceeds, which is likely to result in interest cost savings of Rs 40-45 crore (approx.) going forward. The interest savings will be used for faster completion of the ongoing projects. On the operation front, Q2FY24 is usually a seasonally weak quarter despite which we have achieved a pre-sale number of 19,397 sq. ft. of area reflecting sales amounting to ~Rs 85 crore. We continue to command a high premium in the niche micro market that we operate in, resulting in improved realizations that can be seen. As most land parcels in SCM (South Central Mumbai) are like redevelopment projects, tenant settlement is key to unlocking value. The redevelopment market is a big opportunity and we are optimistic about capturing a larger pie of the market share on account of our strong credibility, expertise, and track record. Q3FY24 was a strong quarter despite the inauspicious Shradh period in October 2023, wherein we have had pre-sales of 35,537 sq ft of area translating to a sales value of ~Rs 143 crore. Ground demand continues to remain robust on the back of strong affordability and consumer preference for Suraj. On a consolidated basis, from ongoing projects, the company has an unsold area with a good sales potential which will allow it to capitalize on the growing demand for high-quality residential real estate in one of the lucrative markets in Mumbai. Tenacious consumer desire to own a quality abode with superior set of amenities from a trusted developer continues to drive consolidation and we are optimistic of our growth going ahead.” Result PDF Suraj Estate Developers Ltd - 544054 - Board Meeting Outcome for Unaudited Standalone And Consolidated Results For September 30 , 2023
Unaudited Standalone and Consolidated Results for September 30 , 2023 Suraj Estate Developers Ltd - 544054 - Submission Of Un-Audited Financial Results (Consolidated And Standalone) For The Quarter And Half Year Ended September 30, 2023
Un-Audited Financial Results (Consolidated And Standalone) for the Quarter and Half Year ended September 30, 2023 Suraj Estate Developers Ltd - 544054 - Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
In compliance with Regulation 74(5) of SEBI (Depositories and Participants) Regulation 2018, we are forwarding herewith a copy of certificate received from Link Intime India Private Limited for the quarter ended 31/12/2023