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Debt levels at Rs 600 crore, will be prepaying Rs 200 crore in Q4, says Ajmera Realty

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Ajmera Realty's Q3 earnings look good on a sequential basis. Omprakash Gandhi, CFO of the company shared his views and outlook.

Ajmera Realty's Q3 earnings look good on a sequential basis. "We have grown around 21 percent from last quarter to this quarter and on a quarter-on-quarter (QoQ) basis, we have grown at an EBITDA level of 15 percent," said CFO Omprakash Gandhi.
"There has been a good execution in our flagship project Ajmera i-Land where we are building almost 15 lakh sq ft out of that 12 lakh sq ft has been delivered or near to the delivery in this quarter. So this is a great achievement for our company and our sales traction is also decent since all our projects are near completion or completed,” he said.
On debt on books and cost of funding, Gandhi said that, “The debt level is around Rs 600 crore, all is working capital loan and we will be prepaying Rs 200 crore loan in this quarter. Our cost of borrowing is around 11-11.5 percent. it has gone up by 0.75 basis points (bps).”
In terms of the volumes, value, bookings as well as collections of the flats sold in this quarter, he added that, “This quarter we have sold almost 50,000 sq ft in the Mumbai Metropolitan Region (MMR) and approximately Rs 100 crore of the sales which we have achieved. Collection is also more or less same in line of that. Despite of squeeze in the liquidity or disruption in the non-banking financial companies (NBFCs) or housing finance companies (HFCs), we managed to collect more from the customers. We have completed 10 lakh sq ft in Ahmedabad during this year and 2 lakh will be completed during current quarter.”