Suraj Estate Developers have paid off heavy debts to the tune of Rs 285 crores in the month of January 2024 using the IPO proceeds, the company said
Suraj Estate Developers Ltd, a real estate player focused on the South Central Mumbai (SCM) market with specialization in redevelopment projects, has reduced its debt levels by 38 per cent to Rs 340.86 crore in the current quarter, a company statement said on Tuesday.
The company had a debt level of Rs 554.3 crore as on September 30, 2023.
Suraj Estate Developers has paid off heavy debts to the tune of Rs 285 crores in the month of January 2024 using the proceeds from the IPO, the company said.
An additional Rs 23.5 crores of unsecured debt will be repaid from gross collections proceeds, resulting in lower interest costs and a strengthened balance sheet. We will see this benefit of lower interest costs from the fourth quarter of 2024, said Rahul Thomas, executive director of Suraj Estate Developers.
The real estate player raised around Rs 400 crore through an initial public offering in December last year. It was listed on the stock exchanges on December 26.
Suraj Developers reported a 2.4 per cent sequential growth in total revenues to Rs 106.15 crore in the December quarter, compared to Rs 103.70 crore in the September quarter.
Profit after tax stood at Rs 16.57 crore in the third quarter, against Rs 16.93 crore in the previous quarter.
Total income for the nine months ended December 2023 was Rs 284.5 crore. Net profit for the nine months of FY24 stood at Rs 59 crore. The company reported a total income of Rs 247.1 crore in FY23 and a profit of Rs 38 crore.
The company reported a sales area of 35,537 square meters in the December quarter, compared to 19,397 square meters in the September quarter.
Sales value stood at Rs 142.51 crore in the December quarter, against Rs 85.22 crore in the September quarter.
The company launched a new luxury residential project Suraj Lumina’ in Veer Savarkar Marg, Mahim (west), Mumbai in the December quarter. The gross development value estimated from the project is close to Rs 100 crore. The project is expected to be completed in December 2028.
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First print: February 13, 2024 | 3:45 PM IST