Arihant Superstructures Ltd registers 22% jump in total area sold in FY20
New Delhi: Despite tough market conditions for the real estate sector, Arihant Superstructures Ltd registered 22 percent jump in the total area sold in the fiscal 2019-20. The company, which has operations majorly in Navi Mumbai and Jodhpur, sold 7.74 lakh square feet space in the last fiscal as compared to 6.32 lakh square feet in the previous financial year.
In terms of number of apartments sold, the company recorded 23 percent increases in sales in the last fiscal. It sold 874 apartments in the last fiscal as compared to 706 flats in the previous year. In terms of booking value ASL registered 18 percent jump. The booking value of the apartments sold in the last fiscal was Rs 325 crore which was Rs 272 crore in the previous financial year.
The company acquired about 6.5 acres of land in three parcels, all in Taloja in Navi Mumbai, in the fiscal 2019-20. The total saleable area for the three land parcels is about 6 lakh square feet, it said in its investor presentation.
ASL’s net profit fell 37 percent to Rs 6.90 crore in the fourth quarter of the fiscal 2019-20 as compared to same quarter of the previous fiscal. Its net profit dropped 80 percent to Rs 3.53 crore for the entire fiscal 2019-20 as compared to the previous fiscal.
Owing to difficult market conditions, the management of the company had taken a deep cut in remuneration.