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News: Residential sales volume, value stood at 0.42 msf and Rs 345 crore, respectively, down 4% QoQ, given the modest new launches of ~0.4 million sq feet during the quarter. On financial front, revenues were up 3.7% YoY at Rs 98 crore , while it reported a loss of 4.3 crore. On segment wise, industrial cluster segment (part of profit from associates/JV) profit was ~Rs 1 crore, while residential segment had reported a loss of ~Rs 6 crore.
Views: The company has outlined ambitious business growth of 5x over the next 5 years from 2300 crore of resi and IC business sales to Rs 8000-1000 crore by FY28. It has announced land bank addition with revenue potential of Rs 3200 in FY23 and has exceeded its guidance of land bank addition worth Rs 3000 crore of development value for this year. Even it Q1FY24, it has added society redevelopment projects with sales potential of Rs 850 crore. The focus on expanding its overall scale of operation and a comfortable balance sheet, lends comfort. Management commentary on call is awaited.
Impact: Positive