The realty stock that is engaged in the business of Real Estate Development projects gained by 4.2 percent to ₹179.70 per share on wednesday following its appointment as the Developer for prestigious projects in Mulund West, Mumbai.
At 2:25 p.m, Shraddha Prime Projects Ltd shares were trading at ₹179.70 per share, up 4.23 percent from the previous close price on the national stock exchange. The company has a market capitalization of ₹363 crore.
As per the company’s exchange filing, Shraddha Prime Projects Limited has been selected as the developer for prestigious residential complexes situated on Goshala Road, Mulund West, in the eastern segment of Mumbai. Spanning approximately 5,865 square meters, the project features a multi-storied tower.
This appointment comes through a resolution passed by the concerned societies, marking a significant milestone for both the developer and the project stakeholders. The project will commence in this financial year.
The company’s financials experienced significant growth, with revenue surging by 254% from ₹11 crores in Q2 FY24 to ₹39 crores in Q3 FY24. Concurrently, net profit soared by 400% from ₹2 crores to ₹10 crores during the same period.
In the past six months, shares of Shraddha Prime Projects Ltd. have seen a remarkable appreciation of 337%, while over the last year, they have surged by an astounding 817%. To illustrate, if an investor had put ₹1 lakh into the company’s shares a year ago, it would now be valued at ₹9.17 lakhs.
Shraddha Prime Projects Ltd is in the business of Real Estate Development. which involves developing, leasing, constructing, and reconstructing, etc. residential projects in India. The company has more than 7 Development projects under construction.
Written by Omkar Chitnis
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