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Delhi-based TARC Limited, a high-end property developer, has released its financial and operational progress reports for the quarter and year concluding on March 31st, 2023. The organization announced its strongest yearly sales performance to date, with the assurance of positive cash flow and continuously improving financial outcomes.
The project managed to exceed the set sales target of Rs 400 crore in FY23 by generating a remarkable sales value of Rs 520 crore. The robust conclusion of the fiscal year is apparent in the company's Q4 FY23 sales figure of Rs 175 crore. The TARC Tripundara had a successful booking rate as well as notably higher prices. The total sales worth of the project has been revised, and it now stands at around Rs 900 crore, representing a significant increase from the previously expected value of roughly Rs 650 crore.
The TARC Maceo endeavour has achieved a fully sold-out status with complete development and a recent price surge of approximately 45 percent. The company has set a challenging sales target of Rs 1,500 crore for FY24, which is three times higher than the current year's booking of Rs 520 crore. The company saw steady growth in both their overall revenue and profits due to successfully completing projects and receiving compensation for land acquisitions. In the fourth quarter of FY23, the company generated Rs 136 crore in revenue and achieved Rs 39 crore in EBITDA.
During the financial year 2023, there was a noteworthy flow of funds amounting to Rs 250 crore, which encompasses the payment received from the government as compensation for the acquisition of land. Thanks to its strong financial standing, the corporation fulfilled its payment responsibilities before the predetermined deadline.
Amar Sarin, the MD and CEO of TARC Limited, expressed his appreciation for the outstanding performance of the company. Continuing with the same momentum, TARC has set its sights on generating robust cash flows during the current financial year, which would be utilized for business expansion and debt reduction. An impressive line-up of projects focused on luxury and ultra-luxury segments is instrumental to our steadfast pursuit of growth targets. We have a strong belief in our capabilities to achieve outstanding outcomes and approach the future with optimism and enthusiasm as we anticipate some promising opportunities.
TARC's exceptional progress is a result of the competent and skilled leadership that sets a precedent through their actions. Our emphasis on delivering consistent results and the unwavering commitment of our skilled workforce is reflected in our impressive Rs 166 crore EBITDA and escalating 44 percent profit margin. Our main goal is to achieve higher standards while concentrating on opulent living spaces and upholding our fundamental principles of honesty, cooperation, determination, and exceptionalism.
TARC Limited, previously named as Anant Raj Global Limited, is a company that is completely owned by Anant Raj Limited. In August 2013, the Indian government created the Tax Administration Reform Commission (TARC) through a formal notification. TARC Limited is primarily focused on the development of real estate. The enterprise engages in the construction of housing, commercial buildings, resorts, hotels, educational facilities, healthcare institutions, recreational amenities, and infrastructure ventures. The main focus of the company is the creation of residential projects, hotels, branded and serviced apartments, and warehouses.
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