Anant Raj Q3 Net up 58.17% at Rs 71.43 cr

NEW DELHI: Anant Raj Limited, on Tuesday announced its Q3FY24 results. The company’s net profit for the quarter ended December 31, 2023 surged by 58% to Rs 71.43 crore in Q3 FY24 as against Rs 45.16 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing. 

The company’s net consolidated total income stood at Rs 401.02 crore in Q3 FY24, a growth of 43.14 percent from Rs 280.16 crore it recorded in the corresponding quarter last year.

Anant Raj has completed Qualified Institutions Placement of Rs. 500 crores (Rupees Five Hundred Crores).  The Company is utilising 75% of the proceeds of the QIP Issue to prepay its outstanding borrowings and also speeding up the expansion of the Data Centre out of the proceeds of QIP. 

Commenting on the quarterly performance, Amit Sarin, Managing Director, Anant Raj Ltd. said: 

“The real estate sector in India has been very strong and resilient over the past two years and in our belief the real estate cycle will continue to be strong in coming years due to policy support of Government of India and respective State Governments.

The Company has witnessed again a robust quarter in terms of financial performance. Both Sectors i.e. Real Estate and Data Centre is doing extremely well. 

The Large institutional investors have shown their confidence by participation in our QIP. With the successful closure of Qualified Institution Placement (“QIP”) of Rs. 5,000 million, the debt of the company will be reduced to a negligible level, thus, having better operational efficiency and improved margins in the coming quarter. The debt reduction is in line with guidelines given by the company at the beginning of the financial year.   

Anant Raj Estate, an integrated township in Sector-63A has been the largest contributor to the revenue and with new launches in Q4 and the completion of the next phase of the Data Centre at Manesar, Haryana, the company is confident to maintain the growth momentum and deliver the value to the stakeholder.”