Ajmera Realty Shares Surge 10% on Strong Q3 Growth and Strategic Acquisition

Ajmera Realty

January 11, 2023

New Delhi, India

Ajmera Realty Q3

Ajmera Realty, a key player in the real estate sector, has witnessed a remarkable surge in its share prices by over 10%, reaching a 52-week high following a robust performance in the third quarter of fiscal year 2024.

Positive Q3 Performance Boosts Share Prices

Ajmera Realty‘s Q3FY24 financial results showcase a substantial 98% year-on-year growth in total sales value, reaching ₹253 crore. The positive momentum extends to a 30% YoY increase in collections, amounting to ₹151 crore during the October-December quarter. This stellar performance has resonated well with investors, reflecting in the significant share price surge.

Strategic Project Acquisition and Expansion Plans

In a strategic move, Ajmera Realty has acquired a residential redevelopment project in Versova, Mumbai, with a potential development area of 90,700 sq.ft. and a gross development value (GDV) of ₹360 crore. This acquisition not only strengthens the company’s portfolio but also widens its market appeal. The company remains committed to diversification and progressing towards its ambitious 5x growth goal.

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Industry Trends and Positive Outlook

The real estate sector is currently experiencing an upturn, marked by a 15-year high in the index. This surge is fueled by significant infrastructure development projects, contributing to an upward trend in property prices. Ajmera Realty, with a focus on mid-segment and premium homes, is well-positioned to capitalize on this trend, not only in Mumbai and the MMR region but also in Bengaluru.

Confidence in Achieving Sales Goals

Despite facing limited inventory, Ajmera Realty maintains a strong overall project performance. The management expresses confidence in achieving its sales goal of ₹1,000 crore for the fiscal year, backed by sustained interest in key projects like Ajmera Manhattan and Ajmera Eden in Mumbai, as well as projects in Bengaluru.

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Market Response and Share Price Surge

The positive financial results and strategic moves have resonated well with the market. Ajmera Realty’s share prices surged more than 10% to a 52-week high of ₹521.00 apiece on the BSE, reflecting investor confidence in the company’s growth trajectory.

As the real estate sector gains momentum and Ajmera Realty continues to make strategic moves, the company remains poised for sustained growth in the coming quarters.

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