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TARC Ltd, a leading real estate developer, has reported a consolidated net loss of INR 51.73 crore for the quarter ended March, despite achieving a record sales booking of INR 1,612 crore in the 2023-24 fiscal year. The company's total income declined by 92% during the fourth quarter, and it recorded a net loss of INR 77.44 crore for the full fiscal year. However, TARC Ltd remains confident in its ability to exceed its presales guidance of INR 5,000 crore in FY2025, driven by its robust pipeline and ongoing developments, particularly in the luxury residential segment in Delhi and Gurugram. The company has launched successful projects like TARC Kailasa and TARC Tripundra, which have received a positive market response.
Realty firm TARC Ltd has achieved a record sales booking of INR 1,612 crore in the 2023-24 fiscal. The company said it is well-positioned to exceed its presales guidance of INR 5,000 crore in FY2025, driven by its robust pipeline and ongoing developments. Advertisement
However, the firm has reported a consolidated net loss of INR 51.73 crore for the quarter ended March, owing to lower income. In the corresponding period of the previous year, the company had posted a net profit of INR 1.56 crore.
The company's total income declined by 92% to INR 10.36 crore in the fourth quarter of the last fiscal, down from INR 135.53 crore in the same period of the previous year, according to its regulatory filing.
During the 2023-24 fiscal, TARC Ltd recorded a net loss of INR 77.44 crore, as opposed to a net profit of INR 20.36 crore in the preceding year. The company's total income declined to INR 121.40 crore in the last financial year from INR 374.66 crore in the 2022-23 fiscal.
TARC Ltd has reported a collection of INR 415 crore for FY2024. The company highlighted the strong demand it is experiencing in the luxury residential segment, particularly in Delhi and Gurugram, where it is developing several high-end housing projects.
One such project, TARC Kailasa, launched by the company in January 2024 in Central West Delhi with a total revenue potential of INR 4,000 crore, has received a positive response, with Phase I already sold out. The next phase will be launched in June 2024.
Another project, TARC Tripundra, with a total revenue potential of over INR 1,000 crore, has also seen robust sales and a price appreciation of nearly 75% since its launch. The company is also expected to launch a new project in Gurugram with a total revenue potential of INR 2,600 crore.
TARC Ltd's CEO and Managing Director, Amar Sarin, expressed delight at the company's performance, highlighting FY2023-24 as a significant milestone. He emphasized the role of TARC Kailasa in strengthening the company's brand positioning and expressed confidence in surpassing the pre sales forecast of INR 5,000 crore for FY 2024-25. Sarin also extended gratitude to the company's discerning patrons for their unwavering support and trust.
Despite the financial challenges faced by TARC Ltd, the company's commitment to excellence, innovation, and delivering value to its customers remains unwavering. With a dedicated team and a clear vision, TARC Ltd looks forward to continued success in the years to come, as it builds on the strong demand for its luxury residential offerings and expands its presence in key markets like Delhi and Gurugram.
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