Introduction
Suraj Estate Developers is a marquee real estate developer with 37 years of experience in building inspiring spaces. They are known for their innovative designs and commitment to quality construction. Always focus on designing sustainable and eco-friendly buildings. This is their income up by 35% in FY24.
Table of Contents
- Suraj Estate Developers Income Increased
- Attractive Investment Opportunity in the Suraj Estate
- Amicably Settled the Pending Litigation with the Society
- Rahul Said That We Have Achieved Remarkable Growth
Suraj Estate Developers has a proven track record of delivering projects on time and exceeding customer expectations. Suraj’s ongoing projects, The Palette, Ocean Star, Suraj Lumina, Suraj Emmanuel, Louisiana and Ave Maria, have changed Mumbai’s landscape and redefined city living.
Suraj Estate Developers Income Increased
Real estate firm Suraj Estate Developers released its audited financial results for the quarter (Q4 FY24) and full year (FY24) ending March 31, 2024. In FY23, the total revenue of the company in FY24 was Rs.415.7 crore, a growth of 35% from Rs.307.9 crore. EBITDA increased by 54.3% from Rs.153.2 crore in FY23 to Rs.236.4 crore in FY24.
The company’s profit after tax (PAT) in FY24 was Rs. 67.5 crore, in FY23, it was Rs. 32 crores, an increase of 110.9%. By the end of FY24, gross debt and net debt respectively stood at Rs. 425.57 crore and Rs 315.34 crore in FY23 compared to Rs. 593.09 crore gross debt and Rs. 565.07 crore, down significantly from net borrowings.
Attractive Investment Opportunity in the Suraj Estate
During FY24, Suraj Estate Developers acquired a freehold plot measuring approximately 1,073.42 square meters at Mahim (West), Mumbai, for the development of a residential project. The prime location of the plot offers easy access to transportation hubs and essential amenities, making it an attractive investment opportunity for the company.
The opportunities will be tailored to the objectives of the Suraj Estate developers. It has the potential to deliver substantial returns to shareholders. This allows us to diversify our portfolio and expand our market presence. Furthermore, the investment opportunity improves competitiveness in the industry. Suraj Estate helps developers capitalize on emerging market trends.
Overall, this strategic move will strengthen the financial position of Suraj Estate. The company plans to leverage the strategic location of the plot to create a high-end residential project that caters to the growing demand for quality housing in Mumbai. Suraj Estate Developers aims to capitalize on the potential of this acquisition to enhance its portfolio and generate significant returns in the future.
Amicably Settled the Pending Litigation with the Society
During Q4 FY24, the company amicably settled a pending litigation with OLV and OLPS Society. It has also filed consent terms enabling the development of the property, translating to a sales potential of Rs 350 crore. This settlement positively impacted the company’s financial outlook for the upcoming quarter. The successful resolution of this legal matter will likely boost investor confidence in the company’s operations.
In addition, the company won a bid to acquire development rights for land parcels measuring 4,790.76 square meters with five existing buildings. It is about Rs. 225 crores translate to GDV. The company plans to redevelop the existing buildings into a modern commercial complex, which is expected to significantly increase the property’s value. This strategic acquisition aligns with the company’s growth strategy and diversifies its real estate portfolio.
Rahul Said That We Have Achieved Remarkable Growth
Rahul Thomas, Executive Director of Suraj Estate Developers, said, “FY24 has been a strong performance for us. Here we have achieved a remarkable 35% growth in FY23 sales. We have achieved a growth of 111% compared to the previous year. Our effective cost-control measures led to a 54% growth in our EBITDA.
Thereby improving our margins by 710 bps. During the year we sold 1,07,136 square feet of sales for 483 crores. 316 crores per annum. Focused on sale of luxury projects during the FY23. It is 42,420 per sq ft to 45,074 sq ft in FY24 reflecting improved realities.
Conclusion
Suraj Estate Developers revenue in FY24 was Rs. 415.7 crores. This represents a significant increase from the previous fiscal year. showcasing the company’s strong financial performance and growth trajectory. The company’s diverse portfolio and strategic investments have contributed to its overall success in the real estate market.
Furthermore, Suraj Estate Developers Pvt. Ltd. has demonstrated a consistent ability to adapt to market trends and consumer demands, positioning itself as a leader in the industry. As a result, the company is well-positioned for continued growth and success in the future. For more information, visit openplot.
| Also read Suraj Estate Developers Launches Residential Project in Mumbai The project is a residential development offering a collection of 35 units, each designed to provide a comfortable and beautiful living space. The units are available in two configurations, 2BHK and 3BHK, to cater to the various needs of potential buyers. |
Frequently Asked Questions
Q. What is the business of Suraj Estate Developers?
A. Suraj Estate Developers Business is a real estate. Suraj’s business, established in 1986, has successfully delivered 37 projects and developed over 10 lakh square feet of residential. Commercial area in prime locations in Mahim, Dadar, and Prabhadevi. Heart of Mumbai.
Q. Who is the owner of Suraj Estate Developers Company?
A. The company was founded in 1960 by late Mr. Tarachand Bhalaji Shah. It is successfully and efficiently run by Mr. Ashok Shah (Chairman & CFO) with the strong support of his colleagues.