Eldeco Housing and Industries Sees 21.54% Dip in Q4 FY24 Net Profit
NEW DELHI: Eldeco Housing and Industries has reported a 21.54% decrease in its net consolidated profit for the quarter ended March 31, 2024. The company posted a profit after tax of Rs 11.69 crore in Q4 FY24, compared to Rs 14.90 crore in the same quarter of the previous fiscal, according to a BSE filing.
Despite the decline in profit, the company’s net consolidated total income grew by 22.79% to Rs 51.56 crore in Q4 FY24, up from Rs 41.99 crore in the corresponding quarter last year.
Pankaj Bajaj, chairman and managing director, highlighted two significant achievements for FY24: record-high bookings in sales value and successful new land acquisitions enhancing their project pipeline. “The fiscal year 2024 was a significant year for us. We received our highest ever bookings in terms of sales value and were able to break the logjam of fresh land bank acquisition,” said Bajaj.
The board of directors recommended a final dividend for FY23-24 at 400%, equating to Rs 8 per equity share of face value Rs 2 each. Additionally, the board approved an increase in Bajaj’s remuneration for three years, starting from July 1, 2024, to June 30, 2027.
The total area booked surged by 803% year-on-year to 4,59,582 sq ft in Q4 FY24, with collections rising by 62% year-on-year to Rs 38.3 crore. During FY24, the company acquired approximately 65 acres of land. Bajaj added, “Our fresh land acquisition includes about 60.9 acres across three locations in Lucknow. We aim to launch at least two of these projects within FY24-25.”
Read more: Signatureglobal Homes Acquires 14.65 Acres in Gurugram for New Residential Project
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