Ajmera Realty & Infra India Receives CRISIL A-/stable rating
Ajmera Realty & Infra India Ltd (ARIIL) has recently been accredited with a CRISIL A-/stable rating by CRISIL, a reputed credit rating agency in India. This noteworthy achievement not only highlights the strong financial and operational performance of ARIIL but also establishes the company as a prominent player in the Indian real estate sector.
Stellar Performance and Positioning
With a rating of A-/stable, ARIIL’s debt profile is expected to improve, enhancing the company’s credibility and increasing its value proposition. This recognition will facilitate valuable collaborations and pave the way for further growth and success.
Currently, ARIIL is actively involved in seven ongoing projects, encompassing approximately 11.31 lakh square feet of the developer’s share of saleable area. Out of these projects, five have exceeded 60% completion, and the overall progress stands at around 51%. The company’s strong collection of funds, coupled with a positive sales momentum, ensures sufficient cash flow for project construction. Notably, as of March 2024, approximately 67% of the total sellable area has already been sold.
Expanding Horizons
ARIIL is also gearing up for future endeavors with seven upcoming projects in the pipeline. These efforts will bring a total carpet area of 1.7 million square feet and have an estimated Gross Development Value (GDV) of INR 4,270 crores. The approval process for these projects is currently underway. Furthermore, the company possesses a massive land bank measuring 11.1 million square feet, further emphasizing its potential for growth.
Recent Acquisition
In addition to its existing projects, ARIIL recently acquired land from Tata Communications in Vikhroli, Mumbai. The company paid a stamp duty of 4.5 crores for this acquisition, which has added to its valuable assets.
Comment from Dhaval Ajmera
Dhaval Ajmera, Director of Ajmera Realty & Infra India Ltd, expressed his satisfaction with the CRISIL rating, highlighting the trust that stakeholders have placed in ARIIL. Ajmera reiterated the company’s commitment to delivering exceptional growth and surpassing expectations. With a strong pipeline of projects and robust cash flow, driven by pre-sales bookings, ARIIL remains determined to achieve a fivefold growth target. The company is progressively focused and aims to consistently outperform its previous quarters.
In conclusion, ARIIL’s recently acquired CRISIL A-/stable rating is a testament to its financial and operational excellence in the real estate industry. With a diverse portfolio of projects, a significant land bank, and a strong reputation, ARIIL is well-positioned for growth and success in the coming quarters.
