Revenue from operations surged to Rs 270.45 crore in the quarter ended 30 June 2023 as against Rs 42.52 crore reported in Q1 FY23.

During the quarter, profit before tax jumped to Rs 215.05 crore, up from Rs 20.10 crore registered in Q1 FY23.

EBITDA increased to Rs 217 crore in Q1 FY24 from Rs 25.1 crore recorded in the corresponding quarter previous year. EBITDA margin improved to 79.9% in Q1 FY24 as compared to 58.8% reported in Q1 FY23.

The company stated, “Significant debt reduction happened since FY19 when the company was facing challenges and real estate sector was also in turmoil; As on March 2023, the company has zero debt, and expects substantial cashflows from upcoming projects to ascertain comfortable debt levels in future.”

Ganesh Housing Corporation is a leading real estate developer in Ahmadabad, Gujarat.