Construction stock jumps up to 18% after crossing bookings worth ₹ 1,100 Cr

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Construction stock jumps up to 18% after crossing bookings worth ₹ 1,100 Cr
Credit: © Reuters.

Shares of Ashiana Housing (NS: AHFN ) rose by 18.04% on Wednesday’s early trades to reach an intraday high of ₹ 168.50apiece after the company announced that its annual bookings surpassed the guidance of ₹ 1,100 crores for the financial year 2022-23.

The company said that it has achieved an annual booking value of ₹ 1,278.84 crores (up to March 20, 2023) with a booking area of 25.21 lakh square feet. At 12:55 PM its shares were trading at ₹ 156.55 apiece, up 9.67%.

Moreover, the company has also received 351 expressions of interest (EOIs) in phase 2 of the ‘Ashiana Amarah’ project at Gurugram (Haryana), which consists of 224 units with a saleable area of 3.77 lakh square feet and the tentative sale value stood at ₹ 290 crores. The conversion of EOIs into bookings will commence in April 2023.

The company also informed the bourses that Phase 1 of the Ashiana Amarah project comprising 224 units was launched and fully sold in October 2022 with a sale value of ₹ 242.6 crores.

Ashiana Housing is a small-cap company with a market capitalization of ₹ 1461 crores. It has an ideal debt-to-equity ratio of 0.23, but a negative return on equity of 0.95%. It has a dividend yield of 0.63%.

The company reported a total revenue of ₹ 129.93 crores in the October to December quarter of 2022, indicating an increase of 152.78% as compared to ₹ 51.4 crores reported in the corresponding quarter last year. It reported a profit of ₹ 9.05 crores against a loss of ₹ 3.84 crores in the corresponding quarter last year.

Written by Simran Bafna

The post Construction stock jumps up to 18% after crossing bookings worth ₹ 1,100 Cr appeared first on Trade Brains.

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