Eldeco Housing & Industries' net profit declines 29.64% in Q2 FY25

14 Nov 2024 CW Team

Eldeco Housing & Industries has reported a 29.64% drop in net consolidated profit for the quarter ending September 30, 2024. Profit after tax for Q2 FY25 stood at Rs 45.1 million, down from Rs 64.1 million in the same period last year, according to a BSE filing. Despite this, the company’s net consolidated total income saw a substantial increase of 95.07%, reaching Rs 363.8 million compared to Rs 186.5 million in the previous year’s corresponding quarter.

Chairman and Managing Director Pankaj Bajaj explained, "Our operational margins appear reduced this quarter due to the specific project mix for revenue recognition. During this period, we also acquired an additional 3.84 acres of land, expanding our total land aggregation for new township projects to 65 acres. We plan to seek approvals for about 45 acres soon, with potential revenue exceeding Rs 6 billion. We anticipate launching this project early next year."

The company reported an average price realisation of Rs 6,581 per square foot for the area booked in Q2 FY25, while booking value surged 316% to reach Rs 1.03 billion. Collections for the quarter stood at Rs 519 million.

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