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Detailed Analysis on the business of #AjmeraRealty - An undervalued opportunity in India’s Real Estate Segment🏡🏢🏣
CMP - ₹315
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CMP - ₹315
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1. Company Overview
-Ajmera Realty & Infra India Ltd is a real estate developer with a primary presence in the Mumbai Metropolitan Region (MMR). They also have a presence in other major cities like Bengaluru, Pune and Ahmedabad.
-They are best known for the development of the
-Ajmera Realty & Infra India Ltd is a real estate developer with a primary presence in the Mumbai Metropolitan Region (MMR). They also have a presence in other major cities like Bengaluru, Pune and Ahmedabad.
-They are best known for the development of the
Bhakti Park township in Wadala, Mumbai which consists of 3400 residential units and Ajmera I-Land which consists of 600+ residential units in Aeon, Zeon and Treon.
-Their primary focus is on residential real estate but they have a few commercial real estate projects as well.
-Their primary focus is on residential real estate but they have a few commercial real estate projects as well.
#ajmerarealty Q1 23 Concall Highlights 🏡🏡
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Operational Highlights:
1. Sales stood at INR 400 cr which included around 354 cr from Ajmera Manhattan.
2. The collections stood at INR 210 cr.
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Operational Highlights:
1. Sales stood at INR 400 cr which included around 354 cr from Ajmera Manhattan.
2. The collections stood at INR 210 cr.
3. Company record revenue of INR 55 cr, with EBITDA of INR 18 cr. EBITDA margins stood at 33%.
4. PAT of INR 12 cr and 21% PAT margins.
5. Average realizations increased from Rs.17,734 to Rs.25,411.
6. Good demand despite challenges in macro markets, despite challenges
4. PAT of INR 12 cr and 21% PAT margins.
5. Average realizations increased from Rs.17,734 to Rs.25,411.
6. Good demand despite challenges in macro markets, despite challenges
and higher input costs.
7.Greenfinity and Sikova Project contributed to this quarter’s revenue which includes first time revenue recognised from Greenfinity.
8. Debt reduced by INR 25 cr in this quarter from INR 825 cr to INR 805 cr, Debt ratio stood at 1.12x.
7.Greenfinity and Sikova Project contributed to this quarter’s revenue which includes first time revenue recognised from Greenfinity.
8. Debt reduced by INR 25 cr in this quarter from INR 825 cr to INR 805 cr, Debt ratio stood at 1.12x.
#Ajmerarealty - project execution, faster land monetization and profit visibility can re-rate stock
MMR remains the best market for RE in India because of good demand, realisations and limited supply.
Ajmera realty has got 20 Mn sq ft development potential similar to Oberoi
MMR remains the best market for RE in India because of good demand, realisations and limited supply.
Ajmera realty has got 20 Mn sq ft development potential similar to Oberoi
This is fully owned and completely paid for as against Oberoi where part of it is under JDA and DM model.
Both are MMR focused players.
Oberoi generated 1650 cr projects revenue, 322 cr rentals in FY21. Ajmera will have similar P&L after 5 years with almost 1500 cr project
Both are MMR focused players.
Oberoi generated 1650 cr projects revenue, 322 cr rentals in FY21. Ajmera will have similar P&L after 5 years with almost 1500 cr project
revenue and 300 cr rentals
MCap of Oberoi is 27500 cr wheras Ajmera is only 1250 crs.
Ajmera has 3 Mn sq ft resi and 3 Mn sq ft commercial in Wadala and 12.5 Mn sq ft in Kanjur marg. It is readying project pipeline to monetize current land bank and looking for more JDA and DM
MCap of Oberoi is 27500 cr wheras Ajmera is only 1250 crs.
Ajmera has 3 Mn sq ft resi and 3 Mn sq ft commercial in Wadala and 12.5 Mn sq ft in Kanjur marg. It is readying project pipeline to monetize current land bank and looking for more JDA and DM
