Ansal Housing has unveiled a significant turnaround in its financial performance for the first quarter of FY25, reporting a net consolidated profit after tax of Rs 41.59 crore. This marks a dramatic recovery from a loss of Rs 4.33 crore recorded during the same period in the previous fiscal year.
The company’s net consolidated total income for Q1 FY25 surged to Rs 125.48 crore, reflecting a robust growth of 59.16% compared to the Rs 78.84 crore reported in the corresponding quarter of the previous fiscal. This impressive performance highlights a notable rebound and signals positive momentum in Ansal Housing’s business operations.
In a significant development, the company’s board of directors has approved the appointment of Kushagr Ansal as the managing director & CEO, effective October 15, 2024. This appointment marks a promotion from his current role as whole-time director & CEO and is set for a tenure of three years. The financial uplift has been bolstered by a strategic restructuring of debt. Suraksha ARC restructured borrowings amounting to Rs 151.04 crore, reducing the outstanding amount to Rs 68.25 crore interest-free. This restructuring, formalised through an assignment agreement with IFCI on September 6, 2023, and a restructuring agreement dated June 3, 2024, with a cut-off date of February 1, 2024, has allowed the company to recognise an exceptional income of Rs 83.04 crore.
This exceptional gain has significantly contributed to Ansal Housing’s financial turnaround, underscoring the company’s effective management of its financial challenges. The notable increase in income and profit demonstrates Ansal Housing’s resilience and strategic acumen in navigating market conditions and improving its financial health. Overall, the company’s robust performance in Q1 FY25 provides a positive outlook for its future growth, marking a pivotal moment in its ongoing recovery and strategic repositioning within the real estate sector.
