Annual Bookings at Ashiana Housing Surpass Rs 1,100 cr, Shares Soar 14%

Annual Bookings at Ashiana Housing Surpass Rs 1,100 cr, Shares Soar 14%

Ashiana Housing’s share price rose by 14 percent on Wednesday after exceeding its annual booking value guidance of Rs 1,100 crore and achieving a total booking value of Rs 1,279 crore. The company has also received 351 EOIs for phase 2 of ‘Ashiana Amarah‘.

Share price of Ashiana Housing Limited opened 14 percent higher on Wednesday after the company announced that it has crossed its annual booking value guidance of Rs 1,100 crore for the year 2022-23. As of March 20th, the company has achieved a total booking value of Rs 1,279 crore with a booking area of 25.21 lakh square feet.

Furthermore, the company has received 351 expressions of interest (EOIs) for phase 2 of the ‘Ashiana Amarah’ project in Gurugram, which consists of 224 units with a tentative sale value of Rs 290 crore. The conversion of EOIs into bookings is expected to commence in April 2023. Phase 1 of the same project, which comprises 224 units, was launched and fully sold out in October 2022.

Recently, Ashiana Housing sold out Phase 1 of its latest project, ‘Ashiana Prakriti,’ which spans over 3.75 acres in Dobo, Jamshedpur. The project consists of a total of 266 units, of which 162 units were launched in Phase 1. The company has also launched ‘Ashiana Ekansh’ in Jaipur, Rajasthan, which comprises 280 units with a total saleable area of 4.08 lakh sq. ft. As of now, the company has booked 130 units with a sale value of Rs 103 crore.

Ashiana Housing is also considering a co-investment proposal with the International Finance Corporation (IFC) for upcoming middle-income residential projects, including senior living projects. The total cost of the proposed project is Rs 337.5 crore, and IFC has suggested investing Rs 225 crore through Non-Convertible Debentures.

In 2018, Ashiana Housing and the International Finance Corporation (IFC) had also signed an agreement to co-invest in middle-income residential projects, including senior living projects, with IFC expected to invest Rs 150 crore (40 percent) and Ashiana Housing expected to invest Rs 225 crore (60 percent). IFC has already invested Rs 142 crore across three projects.

In Q3FY23, the company reported 111 percent YoY growth in total income at Rs 135 crore against Rs 64 crore reported in the same quarter last year. The company also reported a positive net profit at Rs 9 crore compared to a net loss of Rs 4 crore in Q3FY22.

Share price of the company is up 14 percent over the last 1 year and over 180 percent in the last 3 years. At 10.42 a.m., the scrip was trading 10.54 percent higher on the NSE at Rs 157.95 while benchmark Nifty Realty Index was trading up 0.11% at 395.15 points.

Source : Money Control

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