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In Friday’s trading session, the shares of a leading real estate player surged by 3.3 percent to hit a new 52-week high at Rs. 748, after reporting financial results for Q1 FY24-25 with a rise in the net profit of 54.8 percent QoQ and 107.4 percent YoY.
With a market capitalisation of Rs. 3,216.8 crore, at 11:44 a.m., the shares of Suraj Estate Developers Limited were trading in the green at Rs. 729, up by 0.6 percent, as against its previous closing price of Rs. 724.3.
Is Suraj Estate Developers Ltd (NS:SRAE) a buy or sell? What is its Fair Value? What are the company's health parameters? What are the positive and negative factors driving the company -- ProTips? Know all the answers on the company's overview page here.
What’s the News:
The fluctuations in the share prices were observed after the company announced the financial results for Q1 FY24-25, through the recent filings with the stock exchanges on Thursday.
The revenue from operations for Q1 FY24-25 stood at Rs. 134 crores, marking a 31.4 percent YoY rise from Rs. 102 crores in Q1 FY23-24, as well as a 34 percent growth quarter-on-quarter from Rs. 100 crores in Q4 FY23-24.
The net profit jumped by 107.4 percent YoY to Rs. 30.1 crores in Q1 FY24-25, as against Rs. 14.5 crores in Q1 FY23-24, and on a quarter-on-quarter basis, it grew by 54.8 percent from Rs. 19.5 crores in Q4 FY23-24.
Suraj Estate Developers witnessed an EBITDA margin of 47.7 percent in Q1 FY24-25, up from 45.8 percent in Q1 FY23-24. Similarly, the company’s net profit margin saw a substantial improvement, rising to 22.4 percent from 14.1 percent, over the same period.
The company’s EBITDA margin expanded YoY on operating leverage benefits and better sales mix, driving EBITDA as well as net profit growth.
As of June 2024, the net debt stood at Rs. 352 crores as against Rs. 572 crores as of June 2023 and Rs. 315 crores as of March 2024.
Further, 63.6 percent of revenue came from sales of luxury units and 36.4 percent of revenue came from sales of value- luxury units.
Suraj Estate Developers is well poised to achieve the pre-sales target of Rs. 850 crores in FY24-25, of which Rs. 650 crores is expected to come from the ongoing and upcoming residential portfolio and the remaining balance of Rs. 200 crores is expected from the launch of the proposed commercial project at Mahim (west).
Stock Performance
So far in 2024, the shares of Suraj Estate Developers have delivered multibagger returns of nearly 120 percent.
About the Company:
Incorporated in 1986, Suraj Estate Developers Limited is primarily engaged in the business of real estate development in India which includes the development and sale of residential and commercial premises
The company is focused primarily on value luxury, luxury segments and commercial segments in the South Central Mumbai (SCM) market with a specialisation in redevelopment projects.
Written by Shivani Singh
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