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On a consolidated basis, profit before tax soared 224.7% YoY to Rs 135.61 crore in Q3 December 2023.
Total expenses rose 125.5% to Rs 44.76 crore in Q2 FY24 over Q2 FY23. During the quarter, cost of materials consumed stood at Rs 41.37 crore (up 26.5% YoY) while employee benefits expense was at Rs 5.32 crore (up 17.2% YoY).
The company continues to remain debt free from a peak debt of Rs 648.6 crore in FY19.
The construction of the 1.3 million square feet Million Minds Phase 1 (IT SEZ) is currently in progress and is nearing 30% completion. Initial talks with Tishman Speyer are ongoing for the marketing of Million Minds Phase 1.
Looking ahead, the company is aiming to develop 30 million square feet of infrastructure and special projects such as Million Minds (IT-SEZ) and townships in the coming years, with an estimated total sales value of approximately Rs 14650 crore.
Ganesh Housing Corporation, known for its residential developments in the mid and higher income segments, holds approximately 500 acres of land in strategic locations in Ahmedabad. It is diversifying its portfolio with expansions into commercial, retail, and township developments.
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