Real estate developer TARC Ltd earns Q2 FY21-22 revenue of Rs 161cr
TARC Ltd has posted revenue of INR 16,102 lakhs for the second quarter of the current financial year (Q2 FY21-22).
The New Delhi-based real estate development company said that it had seen a year-over-year growth of 652.8% in EBIDTA and a ten-fold surge in profit before tax.
Amar Sarin — Managing Director and CEO of TARC Ltd. said: “We hold large land banks in New Delhi and plan to Develop and Monetise them in phases. The proceeds of our recent asset sale will help fast track our Residential projects thus consolidating our strategy to develop higher yielding and future ready premier housing projects.
“We are also evaluating new Joint venture prospects and are in talks with a few land owners for the same.”
TARC Ltd claimed that it has sold the majority of its inventory in its Maceo experiential living project in New Gurugram.
The company is also said to have seen an increase in demand for larger homes as a result of the shift towards a work-from-home (WFH) lifestyle.
TARC Ltd. is planning to launch a couple of projects, a 200-unit development in Rajokri, New Delhi, and a 500-unit development at Extended Golf Course Road in Gurugram in the current financial year.
The Indian real estate development company said that it wrapped up the INR 295 crores worth sale of its warehousing asset situated in North Delhi to BREP Asia II EIP Holding (NQ), which is an affiliate of funds owned and managed and/or advised by Blackstone Inc (BREP).
TARC Ltd will use a portion of the proceeds to speed up the completion of the construction of residential projects.
The real estate developer intends to be debt-free and is currently negotiating similar opportunities with Blackstone Inc. (BREP) and various other global funds.