Suraj Estate Developers Profit Soars, Debt Reduced in FY24

Mumbai, May 8 (PTI) City-based Suraj Estate Developers has reported a more than two-fold jump in its profit after tax to Rs 67.5 crore for 2023-24 compared to Rs 32 crore in the previous year.

Total income rose by 35 per cent to Rs 415.7 crore in FY24 compared to Rs 307.9 crore in the previous year, according to a BSE filing.

The company, which listed on stock exchanges in December 2023 also pared its gross debt by Rs 167 crore to Rs 425.57 crore as of March 2024 against Rs 593.09 crore as of March 2023, the company said in the filing.


The company repaid Rs 285 crore of debt from the IPO proceeds in December and an additional Rs 23.50 crore of debt from gross collection proceeds, which helped lower interest costs and strengthened balance sheet, the company said.


Suraj Estate Developers, which focuses on redevelopment projects also acquired freehold plot in Mahim (West), Mumbai for Rs 33.10 crore. The project is a redevelopment project.