MICL reports jump in net profit of 33% YoY for 9mFY24 along with increasing its footprint in the ultra-luxurious segment of its real estate portfolio in Mumbai
Man Infraconstruction Limited (‘MICL’), headquartered in Mumbai, a leading construction company and a pioneer name in real estate development, announced its results for the period of Q3FY24 and 9mFY24.
Q3FY24 and 9mFY24 Highlights
• fund raising of Rs. 543 crore via preferential issue of Warrants and the company has received 25% of the allotment money in Jan-24
• Successful launch of two ultra-luxurious projects – ‘Aaradhya One Park’ and ‘Aaradhya Avaan’ in Mumbai, collectively spanning an impressive ~10.6 lakh sq. ft. of carpet area
• Achieved record sales of Rs. 333 crore upon launch at ‘Aaradhya OnePark’
located in Ghatkopar East in 4th Quarter of 2023-24
• Secured the Occupancy Certificate (OC) in January 2024 for the remaining residential towers of ‘Aaradhya OneEarth’ project in Ghatkopar East
• Undertakes redevelopment of an exclusive Residential marvel at the Pali Hill, Bandra West, sprawling 50,000 sq. ft. of carpet area with an indicative sales of Rs. 500 crore
• Revenue from operations for 9mFY24 stood at Rs. 967 crore compared to Rs. 1,210 crore in previous year while Q3FY24 reported operating revenue of Rs. 242 crore compared to Rs. 457 crore in previous year
• Total Income for 9mFY24 remained steady at Rs. 1,028 crore compared to Rs. 1,246 cr in previous year while Q3FY24 reported total income of Rs. 261 crore compared to Rs. 472 crore in previous year
• EBITDA for 9mFY24 stood at Rs. 277 crore compared to Rs. 290 crore in previous year while Q3FY24 reported Rs. 103 crore compared to Rs. 129 crore in previous year
• Net profit for 9mFY24 jumped by 33% YoY to Rs. 235 crore compared to Rs. 177 crore in previous year while Q3FY24 reported net profit of Rs. 83 crore compared to Rs. 85 crore in previous year
• Maintained Net Cash Positive balance sheet and healthy liquidity of Rs. 545+crore at consolidated level as on Dec-23
Reflecting on the Q3 & 9mFY24 results, Mr. Manan Shah, Managing Director of Man Infraconstruction Limited, said, “We are delighted with the company’s exceptional performance during the quarter and 9 months of FY24. Our achievements encompass securing fund raising for future growth, successful launches of two ultra-luxurious projects in Mumbai city, delivered two large projects ahead of schedule, executed strategic project acquisitions and able to deliver financial performance. This collective achievement underscores our commitment to sustained growth and operational excellence. We expect to end the year on a strong note as we continue to look out for future growth opportunities.”