The shares of this real estate company gained up to 4.4 percent after the company received the plan approval for Sumit Param residential building project led by Sumit and KMR group.
With a market capitalization of Rs 157.37 Crores, The shares of Sumit Wood Ltd were trading at Rs 51.45 a share, an increase of 2.90 percent from the previous closing price of Rs 50 a share.
According to the company filing, Sumit Wood Ltd received the plan approval from the Municipal Corporation for Sumit Param residential building project led by Sumit and the KMR group. The construction and development area for the property is 4,00,000 square feet. The project will offer a revenue potential of approximately Rs 350 Crores.
Furthermore, The forthcoming 37-floor building will stand as a prominent high-rise in Borivali West, marking a noteworthy milestone in the area’s evolution.
Sumit Woods Ltd added to its portfolio of 60+ completed projects, bringing joy to more than 7000 families. The company has contributed significantly to the landscape, with an impressive tally of 150 lakh square feet completed and an additional 10 ongoing projects.
At present, the company is actively engaged in the development of 10 lakh square feet of construction area. Moreover, the has ambitious plans for the future for the substantial upcoming construction areas of 15 lakh square feet.
Looking into the company’s performance revenue increased by 86 percent from Rs 20.74 Crore in Q2FY23 to Rs 38.62 Crore in Q2FY24. During the same period, net profit decreased by 15 percent from Rs 1.10 crore to Rs 0.94 Crore.
India’s real estate market is predicted to be worth USD 265.18 billion in 2023 and grow at a compound annual growth rate (CAGR) of 25.60% to reach USD 828.75 billion by 2028.
Sumit Wood Ltd is undertaking large-scale, environmentally friendly projects, such as the development of townships, businesses, malls, farmhouses, vacation rentals, and slum rehabilitation and redevelopment projects.
Penny stocks are riskier assets that should be chosen carefully since their financial statements do not accurately reflect their true circumstances. This post contains no financial advice.
Written by:- Abhishek Singh
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