Ajmera Realty FY21 results: Net profit rises 10% led by higher ready apartment sales

MUMBAI: & Infra India has reported nearly 10% rise in net profit for the ended March at Rs 31 crore led by higher residential sales mainly ready to move in apartments. Revenues for the year rose 9% to Rs 352 crores.

During the year, sales value increased around 1.8 times to Rs 615 crore, while sales advances increased to around 1.4 times to Rs 521 crore. The developer sold around 1.3 times higher space at 5.09 lakh sq ft. Total debt reduced by 27% during the year to Rs 745 crore, the company said in a release.

Ajmera Realty & Infra India has proposed a dividend of Rs1.40 per share.

The company has proposed the demerger of 6.5 acres of commercial undertaking project at Ajmera i-land, Bhakti Park, in Mumbai’s Wadala locality into its wholly owned subsidiary Radha Raman Dev Ventures. The said proposal is pending for NCLT approval. As a result, the commercial undertaking project will be identifiable for attracting prospective investor/strategic partners to participate in the project, the developer said.