Realty stock which is one of the largest Real Estate Developers in the Mumbai Metropolitan Region & Rajasthan jumped 15 percent in the day’s trade after it announced a new project spread over 118 acres.
At 3:10 p.m the shares of Arihant Superstructures Limited were trading at Rs. 314, up 14.64 percent from its previous day’s close price of Rs. 273.90 and its market capitalization is Rs. 1,296 Crores.
Arihant Superstructures Limited has announced the signing of a new Low-rise township project spread across 118 acres at Chowk, Off Old Mumbai-Pune Highway near Panvel, Navi Mumbai.
The project is being acquired partly on an outright basis and partly in a Joint-Venture transaction. The total development potential is estimated at 2 million sq. ft
The subject property is located less than 500 meters from the Chowk Railway Station which forms an integral part of the developing Panvel- Karjat Railway Corridor.
With this, the total land bank of the company is set to cross 335+ acres and the estimated projects surrounding the Navi Mumbai International Airport & MTHL would total a gross development potential of 12 million sq. ft. The due diligence is underway for the new acquisition and it expects to complete the transaction within 6 months.
The company’s revenue from operations grew 17.68 percent from Rs. 330.94 Crores in FY22 to Rs. 389.44 Crores in FY23, accompanied by profits of Rs. 41.22 Crores to Rs. 31.37 Crores.
It has reported a return on equity (ROE) of 21.99 percent and a return on capital employed (ROCE) of 15.28 percent, it is making good returns on its equity and capital employed.
Arihant Superstructures Limited is engaged in the business of real estate development from the identification, and acquisition to the execution of the entire project. It is one of the largest Real Estate Developers in the Mumbai Metropolitan Region & Rajasthan.
Written by: Bharath K.S
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