Mumbai, City-based Suraj Estate Developers has reported a more than two-fold increase in its profit after tax for 2023-24 at Rs 67.5 crore compared to Rs 3 crore last year.
According to BSE filings, total income grew 35 per cent to Rs 415.7 crore in FY24 from Rs 307. crore last year.
The company, which listed on stock exchanges in December 2023, reduced its gross debt by Rs 167 crore to Rs 425.57 crore by March 2024 from Rs 593.0 crore by March 2023, the company said in the filing.
The company repaid Rs 285 crore of debt in December from IPO proceeds and an additional Rs 23.50 crore from gross collection proceeds, which helped reduce interest costs and strengthen the balance sheet, the company said.
Suraj Estate Developers, which focuses on redevelopment projects, has also acquired a freehold plot in Mahim (West), Mumbai for Rs 33.10 crore. This project is a redevelopment project.
According to BSE filings, total income grew 35 per cent to Rs 415.7 crore in FY24 from Rs 307. crore last year.
The company, which listed on stock exchanges in December 2023, reduced its gross debt by Rs 167 crore to Rs 425.57 crore by March 2024 from Rs 593.0 crore by March 2023, the company said in the filing.
The company repaid Rs 285 crore of debt in December from IPO proceeds and an additional Rs 23.50 crore from gross collection proceeds, which helped reduce interest costs and strengthen the balance sheet, the company said.
Suraj Estate Developers, which focuses on redevelopment projects, has also acquired a freehold plot in Mahim (West), Mumbai for Rs 33.10 crore. This project is a redevelopment project.
