Garnet Construction Q1 Results Total Revenue ₹15.18 crores & Net Income ₹7.25 crores

Garnet Construction Growth Comparison

Garnet Construction Q1 Results: Garnet Construction reported its Q1 financial results, showing significant growth compared to the same quarter last year. The total revenue for June 2024 is ₹15.18 crores, a huge increase of 4311.37% year-over-year (YoY) from just ₹0.34 crores in June 2023. This remarkable growth reflects the company's successful strategies and improving market conditions. In terms of quarter-on-quarter (QoQ) performance, the revenue increased by 121.35% from ₹-0.61 crores in March 2023.

Garnet Construction’s operating income stands at ₹9.91 crores for June 2024, which is an improvement from a loss of ₹0.51 crores in the same quarter last year, showing a positive YoY change. The net income also reflects this trend, with a significant rise to ₹7.25 crores compared to a loss of ₹0.67 crores YoY. The diluted normalized EPS has reached ₹5.21, compared to ₹-0.48 last year, indicating a strong recovery. Overall, Garnet Construction's financial performance demonstrates substantial improvements YoY, showing effective growth strategies and resilience in the current market, with notable increases in both revenue and net income.

Here are the Q1 financial results for Garnet Construction presented in a simple table format:

(All figures in crores except per share values)

Source: Here 

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Garnet Construction Q1 Results

Garnet Construction’s financial results for the quarter ending on June 30, 2024, show significant improvement compared to the same period last year. The total income for this quarter is 1,519.09 Lakhs, a big increase from 34.40 Lakhs last year. This increase is mainly due to a rise in revenue from operations, which reached 1,517.51 Lakhs. The company also earned a small amount from other sources. However, the expenses also grew, totaling 544.62 Lakhs for this quarter, compared to 101.76 Lakhs last year. The main expenses include operating costs and employee salaries, which increased due to business activities. 

Despite the higher expenses, Garnet Construction made a profit before tax of 974.46 Lakhs, showing a strong performance. After accounting for tax expenses, the net profit for the quarter is 724.79 Lakhs, a significant recovery from a loss of 66.70 Lakhs in the previous year. The company has maintained its equity share capital at 1,390.22 Lakhs, with earnings per share increasing to 5.21, which indicates good financial health. Overall, Garnet Construction has shown positive growth and is on a stronger financial footing compared to last year.

Here’s a summary of the Unaudited Standalone Financial Results for Garnet Construction for the quarter ended June 30, 2024:

(Rs. in Lakhs)

Garnet Construction Financial Metrics

Garnet Construction is a company with a market capitalization of ₹ 64.9 crore, meaning that is the total value of all its shares combined. The current price of its shares is ₹ 46.7. Over a specific period, the highest price reached was ₹ 57.2, while the lowest was ₹ 14.4. The stock's price-to-earnings ratio (P/E) is 5.97, indicating how much investors are willing to pay for each unit of earnings. The book value per share is ₹ 68.7, showing the company's net worth per share. 

Here’s the financial information you provided in a simple table format:

Quarterly Results 

In the financial quarters of December 2023, March 2024, and June 2024, Garnet Construction showed significant changes in its performance. In December 2023, the company earned ₹2.79 crores in sales and had expenses of ₹1.39 crores, resulting in an operating profit of ₹1.40 crores. However, in March 2024, sales increased to ₹6.86 crores, but expenses rose sharply to ₹9.58 crores, leading to an operating loss of ₹2.72 crores. 

Here’s the summary for the quarters Dec 2023, Mar 2024, and Jun 2024:

About Garnet Construction

Garnet Construction is a well-established real estate property developer based in Mumbai, with over 20 years of experience. The company has a strong reputation for delivering high-quality projects on time and within budget. They focus on creating properties that meet the needs of both individual buyers and businesses. Garnet Construction has successfully developed around 600 acres of land for different types of projects, including residential, commercial, and industrial properties.

Garnet Construction was initially set up to develop and manage industrial plots and sheds, but it has since expanded its services to include residential and commercial plots, as well as bungalows in areas like Khopoli and Lonavala. The leadership team, including Mr. Kishan Kumar Kedia and his sons, Mr. Arun Kumar Kedia and Mr. Sanjay Kumar Kedia, plays a crucial role in the company's growth and success. They are currently working on several exciting projects, such as Magic Hills, a residential township with 400 bungalows, and Garnet Paladium, a commercial complex in Goregaon. Garnet Construction is committed to quality and excellence, making it a trusted name in the real estate market.