Eldeco Housing Q4 Profit Down 22% to Rs 12 Crore | FY24 Sales Record

New Delhi, May 17 (PTI) Eldeco Housing & Industries Ltd has posted a 22 per cent decline in its consolidated net profit at Rs 11.69 crore for the quarter ended March.

Its net profit stood at Rs 14.90 crore in the year-ago period.

Total income increased to Rs 51.56 crore in the fourth quarter of the 2023-24 fiscal from Rs 41.99 crore in the corresponding period of the previous year, according to a regulatory filing on Thursday.

During the 2023-24 fiscal, the company's net profit fell to Rs 33.85 crore from Rs 44.36 crore in the preceding year.

Total income declined to Rs 122.26 crore last fiscal from Rs 140.64 crore in the 2022-23 fiscal.

Commenting on the results, the company's Chairman & Managing Director Pankaj Bajaj said, "Lucknow real estate market continues to be strong. The trends of premiumisation and consolidation of the market in favour of bigger and branded developers have gathered momentum in Lucknow too."

"The fiscal year 2024 was a significant year for us on two counts- One, we received our highest-ever bookings in terms of sales value and two, we were finally able to break the logjam of fresh land bank acquisition and add to our project pipeline," he said.

In terms of bookings, Bajaj said the total area booked during the last fiscal year jumped to 7,82,413 square feet in terms of area and Rs 388 crores in terms of value.

"Both the numbers are the highest in the company's history," he highlighted.

With planned launches in FY25, Bajaj said the company would be able to match or exceed the record sales in the last fiscal year.

Eldeco Housing and Industries Ltd. is engaged in the promotion, construction, development and sale of townships, residential and commercial properties. The company was founded in 1985 and is based in Lucknow, India. It is part of the Eldeco Group, which has a presence in most states of North India.