Ajmera Realty and Infra India Ltd’s shares gained 12.18 per cent after the company reported its operational performance for Q2 FY24. During the reporting period, the company’s sales grew 51 per cent year-on-year, totalling 1,20,787 sq ft., while the sales value surged 52 per cent to reach ₹252 crore. Collections also demonstrated growth, increasing by 8 per cent year-on-year to ₹111 crore.

The company acquired three projects with a gross development value (GDV) of approximately ₹800 crore and a sales potential spanning around 4.4 lakh sq. ft. Furthermore, the company is engaged in the redevelopment of four societies at Yogi Nagar, Borivali, with a sales potential of 1.07 lakh sq ft, and an SRA redevelopment project at Bhandup with an initial phase development of about 1.7 lakh sq ft. Notably, the company also entered into a joint development agreement (JDA) through its special purpose vehicle (SPV) for a 69 per cent stake in Electronic Phase 2, Bengaluru, with a sales potential of approximately 1.62 lakh sq. ft.

Also read: ARIIL secures redevelopment project in Borivali worth ₹330 crore

Dhaval Ajmera, Director of Ajmera Realty & Infra India Ltd, said, “During Q2 FY24, the thrust on pre-sales and business development activities fuelled us closer to our desired objective of reaching a sales target of Rs ₹1,000 crore for the current fiscal. We believe the momentum of our sales trajectory will continue on the back of upcoming launches and relentless focus in the untapped micro-markets that are driving us closer to realizing our ambitious 5x growth strategy. The balanced mix of redevelopment, joint ventures, and strategic acquisitions, along with unlocking the value of our land bank will continue to drive growth for the company. We remain confident in sustaining strong pre-sales growth through new launches and ready-to-move-in inventory.”

The shares were up by 11.92 per cent to ₹417.75 at 1 pm on the BSE.