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Eldeco Housing and Industries announced a significant drop in its consolidated net profit in its recent financial report for the quarter ending September 30, 2023. The company's net consolidated profit dropped by 27.82%. Its profit after tax stood at Rs 6.41 crore in Q2 FY24, in contrast to the Rs 8.88 crore it had achieved in the same period the previous year. This decline was revealed in a filing with the Bombay Stock Exchange (BSE). The firm also experienced a substantial decrease in its net consolidated total income, which fell by 48.02% to reach Rs 18.65 crore in Q2 FY24, down from Rs 35.88 crore in the corresponding quarter in the prior year. Pankaj Bajaj, the Chairman and Managing Director of Eldeco, shared some insights into the company's performance. He highlighted their successful acquisition of 18.1 acres of new land during the period between July 2023 and September 2023 and expressed their intention to continue their land acquisition efforts in the coming months. Additionally, Bajaj noted a 6% increase in bookings, reaching Rs. 24.7 crores in Q2 FY24, up from Rs. 23.2 crores in Q2 FY23. Furthermore, the company delivered 96,546 sq.ft of real estate in the first half of fiscal year 2024. In terms of financials for H1 FY24, Eldeco reported a collection of Rs. 54.1 crore and sales bookings of Rs. 56.1 crore with an acquisition of 20.6 acres of land during the same period. Bajaj also mentioned that the company secured a significant capital infusion of Rs. 160 crores from two different lenders in Q2 FY24, with Rs. 80 crores of this already being allocated and used to support expansion and development initiatives. In Q2 FY24, the company earned Rs. 24.7 crore from bookings, which is more than the Rs. 23.2 crore they earned in the same period in the fiscal year 2023. They also collected Rs. 28.6 crore in the second quarter of the fiscal year 2024. The company faced a decline in both net consolidated profit and total income in Q2 FY24, but the company remains proactive in land acquisition and expansion efforts, as well as securing capital for future growth.
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