Arihant Superstructures hit an upper circuit of 5% at Rs 93.65 after the company said that it had recorded a sales of approximately 250 units in April and May 2021 across all projects.
Announcing its operational update, the company said that in the lockdown months of the first quarter of the current financial year 2021-22, it had digitally launched two new projects - Arihant Advika and Arihant 5 Anaika.
Arihant Advika located at Vashi, Navi Mumbai will cater to the high-income group category and will have an estimated revenue potential of approximately Rs 600 crore.
In the affordable housing category, the company launched 400 units in Arihant 5 Anaika at Taloja, Navi Mumbai in the price category of Rs 28 lakhs to Rs 45 lakhs. The new launches add approximately 700 units to the company's offerings in Q1-FY22.
On the sales front, the company has kept the momentum high with approximately 250 units booked in the last two months across all projects. It expects the sales environment to remain buoyant for our projects going forward.
As regards to execution, the company informed that construction activity at all projects is being carried out in full swing. In Q1-FY22, it has received commencement approval for the Arihant 5 Anaika Project and excavation work has also commenced for this project.
Arihant Superstructures is a real estate company focussed on the affordable housing segment in the Navi Mumbai, MMR and the Jodhpur region. Arihant Group has delivered more than 9500 homes amounting to 7.5 million sq. ft. across 59+ projects.
The company's consolidated net profit jumped 25.61% to Rs 5.15 crore on a 14.99% rise in net sales to Rs 73.03 crore in Q3 FY21 over Q3 FY20.
On a year-to-date (YTD) basis, the stock has zoomed 206.05% while the benchmark Sensex has added 9.33% during the same period.
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