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Ajmera Realty & Infra India Ltd., a pioneering real estate company with a global reach, proudly unveiled its Q1FY24 financial results, showcasing remarkable growth and visionary strategies. Mr Dhaval Ajmera, Director of ARIIL, expressed his delight over the stellar performance in Q1FY24, witnessing an impressive 96 percent quarter-on-quarter sales surge, totalling an astounding 1,35,460 sq. ft. The key driving force behind this phenomenal growth was the launch of a premium residence project in Ghatkopar, combined with the ripple effect in Bengaluru.
The company achieved extraordinary YoY revenue growth of 113 percent, amounting to Rs 118 crore, and a remarkable 82 percent in PAT, totalling Rs 21 crore. This exceptional growth underlines our operational efficiency and a strong focus on customer needs. Efficient debt management efforts led to a reduction in the weighted average cost of debt to 11.9 percent for Q1 FY24, as compared to 13.7 percent for Q4 FY23, reflecting the company's financial performance and credit profile improvements. Additionally, we successfully achieved a debt/equity ratio of 0.97, a significant improvement from 1.12 YoY, achieving a sub-1x ratio.
To propel our success further, our primary goal is to achieve a remarkable five-fold increase in sales by the year 2025. We have laid out clear priorities, including timely delivery of projects, enhancing overall execution efficiency, and strategically launching three new projects during this fiscal year, with a gross development value of approximately Rs 1,800 crore. With strong revenue visibility estimated at Rs 3,960 crore from our ongoing projects and future launches, we are committed to not only growing exponentially but also meeting the demands of end-users, creating a steady supply of quality housing.
The demand for real estate is fuelled by macroeconomic factors like interest rate stability and favourable economic growth. As major transit infrastructure projects near completion, new micro-markets are emerging, particularly in MMR, presenting fresh business opportunities. In line with this, we plan to explore new micro-markets in H2 FY24 to capitalize on these promising prospects. At Ajmera Realty & Infra India Ltd., innovation and forward-thinking guide our every move as we continue to shape the real estate landscape and redefine the expectations of our esteemed customers.
The Ajmera Group, deeply rooted in real estate since 1968, embraces progress and a commitment to excellence. Their homes transcend value and time, becoming havens for cherished memories. Craftsmanship, beauty, and innovation drive them, along with unwavering dedication to customer service. Their legacy is defined by high-quality homes, enduring relationships, and ethical business practices. Beyond real estate, their interests span various sectors such as cement, security, solar power, sports, and social welfare. Ajmera's founder's values continue to shape their customer-centric approach, and they take great pride in providing exceptional service.
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