A real estate developer reported a net consolidated loss after tax of ?6.71 crore for the quarter ended March 31, 2024, compared with a profit after tax of ?26.75 crore in the corresponding quarter of the previous fiscal, according to a stock exchange filing. The company’s net consolidated total income rose to ?946.84 crore, up 116.97% from ?436.39 crore last year.

For FY24, the company achieved pre-sales of ?5,914 crore, up 90% year-on-year, and launched 12 projects with a saleable area of 9.47 million sq. ft. Investments worth ?410 crore from external investors were successfully returned. The company deployed ?300 crore of land advances using internal accruals and debt.

The board of directors reappointed a non-executive independent director for a second five-year term and declared an interim dividend of ?6.30 per equity share, paid during the quarter.

Sales soared to ?1,947 crore in Q4 FY24, marking a 93% year-on-year growth, with sales volume for the quarter standing at 2.35 million sq. ft. and collections of ?1,094 crore. The company’s net debt stood at ?2,151 crore, with a net debt-to-equity ratio of 1.14, and the weighted average cost of debt was 11.59% as of March 31, 2024.

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