TARC Ltd reported 330.9% YoY growth in income in Q2 FY22

18 Nov 2021 CW Team

The Anant Raj Corporation (TARC) Limited has witnessed a 330.9% year-on-year (YoY) and 490.2% (QoQ) growth in income in Q2 FY22. The company is in talks with other global funds for the sale of non-core assets.

Recently, it has successfully concluded its warehousing asset in New Delhi to Blackstone Inc (BREP) for Rs 295 crore.

The company reported revenue of Rs 16,102.10 lakh in the second quarter (Q2) of FY22. It has also reported a robust YoY growth of 652.8% in earnings before interest, depreciation, taxes and amortization (EBITDA) and a ten times increase in profit before tax.

CEO and Managing Director of TARC Limited, Amar Sarin, said that the company has large land banks in New Delhi and plans to develop and monetize them. Its recent sale will help in fast-tracking the residential projects for the development of higher yield and premium housing projects.

It has sold its inventory in its Maceo project. The company has witnessed an increase in demand for bigger homes due to the work-from-home culture.

TARC Limited is launching two projects, 200 units development in Rajokri, New Delhi and 500 units development in Extended Golf Course Road, Gurgaon in FY22.

It will use its proceedings to fast-track the residential projects. It further plans to be debt-free, and it is negotiating additional similar opportunities with BREP and other global funds.

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