The shares of the prominent real estate developer hit 5 percent upper circuit of Rs 107.60 apiece after the company announced its new residential project with a carpet area of 4,36,800 Sp. Ft..
Shraddha Prime Projects Ltd has a market capitalization of Rs 217.36 crore, the shares were trading in green at Rs 107.60 per share, increased around 4.98 percent as compared to the previous closing price of Rs 102.50 apiece.
Reason for Rise:-
Today the company shares have seen a bullish movement after Shraddha Prime Projects Ltd announced one of the largest redevelopment projects in Western Suburbs, having an RERA Carpet Area of over Residential 4,36,800 Sq. Ft. & Commercial 34,382 Sq. Ft with a potential revenue of Rs. 1,200 Crores in the next 5 Years.
The project is in line with the company’s mission to develop distinguished properties that offer modern living standards. With a firm dedication to excellence and client fulfillment.
Financial condition:-
Looking forward to the company’s financial performance, revenue magnified by 257 percent from Rs 8.59 crore in Q4FY23 to Rs 30.68 crore in Q4FY24, however during the same period time, net profit plummeted by 768 percent from a profit of Rs 1 crore to a loss of Rs 6.68 crore.
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Recent Project & partnership:-
Shraddha Prime Projects is developing 2 towers in the central suburbs of Kanjurmarg East and has spent Rs 7.7 crore towards purchasing TDR for further loading of FSI. The project was launched in 2023 with a proposed carpet area of 53,000 sq. ft. with a potential to generate.
The company has entered into partnership agreements with Shree Krishna Rahul Developers, Padhmagriha Heights, and Shree Mangesh Constructions to take over projects and has executed registered Development Agreements for various projects.
Company Profile:-
Shradha Infraprojects Limited is an India-based infrastructure development company. The Company is engaged in the business of construction of commercial complexes, residential houses, business premises, or civil work of every type and dealing in real estate properties.
Written by:- Abhishek Singh
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