Arkade Developers shares rally over 8% on strong net profit growth in Q1FY25

The company reported a 54.03% rise in its net profit to ₹30.22 crore for the quarter ended June 2024, compared to ₹19.62 crore for the same quarter in the previous year. The company's total income increased by 1.78% to ₹125.63 crore for Q1FY25, compared to ₹123.43 crore for the corresponding quarter last year.

Commenting on the Q1 FY25 results, Mr. Amit Jain, Chairman and Managing Director of Arkade Developers Limited, said, "India's robust economy and proactive policies have positioned itself as a global leader. The Indian real estate market, particularly the luxury housing segment, has witnessed strong demand driven by urbanisation and rising incomes. We are pleased to announce successful results for the quarter. We successfully launched Arkade Views & Vistas and have given possessions of over 380 homes to satisfied customers at Arkade Aspire and Arkade Crown in the last quarter. We are also preparing to launch Arkade Rare in Bhandup West and are expanding our presence through strategic land acquisitions in MMR. Our promise of sustainable growth and creating value for all stakeholders remains constant.

The recently listed company received an impressive response during the public issue, which was oversubscribed by 113x. The company raised ₹410 crore, which was an entirely fresh issue for the company. The shares of the company were listed at a 28% premium on the NSE at ₹165 per share on September 24 against the issue price of ₹128 apiece.

Following the robust results for the latest quarter that ended September 2024, the share price of Arkade Developers jumped 8.3% on the NSE but later pared some gains to close 2% higher at ₹162.3 apiece on the NSE.