Suraj Estate Developers’ net profit up 17.44 percent quarter-on-quarter in Q4 FY24

10 May 2024 CW Team

Suraj Estate Developers has reported a growth of 17.44 per cent in its net consolidated profit during the quarter ended 31 March 2024. Its profit after tax stood at Rs 194.6 million in Q4 FY24 as against Rs 165.7 million that it registered in the quarter ended 31 December 2024, the company said in a BSE filing. The company's net consolidated total income stood at Rs 1.03 billion in Q4 FY24. The board of directors recommended a final dividend of @20 percent i.e., Re 1 per equity share of face value of Rs 5 each of the company for the financial year 2023-24. The board has also approved a fund raise by way of issuance of equity shares or any other equity linked or convertible securities or warrants approximately aggregating an amount upto Rs 5 billion in one or more tranches, through all or any permissible mode or method, including, private placement, preferential issue, rights issue, qualified institution placement.

The company has acquired freehold plot of land admeasuring ~ 1,073.42 sq m situated in Mahim West, Mumbai for a total consideration of Rs 331 million. The project will redevelop seven tenants or occupants who have vacated their respective premises and the plot is rendered vacant. After deducting the FSI required for rehabilitating the said tenants or occupants of the property and surplus area to be handed over to MHADA, the estimated balance carpet area available for sale is about 2,787 sq m with a GDV of Rs 12 million.

Alongside this, the company won a bid for obtaining development rights of land component admeasuring 4,790 sq m with five existing buildings thereon translating to a GDV of ~Rs 2.25 billion.

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