Karda Constructions Ltd registers impressive growth in Q4 FY20 YOY
Jul 08, 2020
Nashik (Maharashtra) [India] July 8 (ANI/NewsVoir): BSE listed, real estate giant, Karda Constructions Ltd, with presence across all segments - low, medium and premium, has achieved a turnover of Rs 114.12 crore in FY20 as compared to a turnover of Rs 105.30 crore in FY19, thereby achieving growth in turnover by 8.37 per cent over the last fiscal year. The company has successfully delivered over one million sq ft carpet area.
Karda Constructions Limited posted good income, sales volume, and collections during FY20 despite challenges thrown by COVID-19 during the last fortnight of the fourth quarter.
"Despite lockdown, disrupted demand outlook, and complete washout of economic activities in the real estate sector, the company announced recently, that we were able to achieve 80 per cent of sales turnover during Q4 FY20 as compared to Q4 FY19. Also, we have achieved a turnover of Rs 114.12 crore in FY20 as compared to a turnover of Rs 105.30 crore in FY19, thereby achieved growth in turnover by 8.37 per cent over the last fiscal year," said Naresh Karda, CMD.
"Demand has remained consistent where we operate in spite of uncertainties of the pandemic. We continue to enjoy sufficient liquidity from banks/Fl to meet our obligations. With our continuous focus on efficient cash flow management, we were able to improve our Debt Equity Ratio to 0.96 for FY20 as compared to 1.36 for FY19 by reducing our net debt and average interest cost of borrowing," said the company in its filing for exchanges.
The pandemic has opened a new era of selling real estate. Priorities of people have also changed, and they now have realized the importance of owning a home, especially the ones that can guarantee safety and security.
The company said that its focus would be on improvising the processes, adaptable approach in business, use of technology & online and digital platforms, and cost optimization for better performance and for reaching out to the millennial that constitutes the larger part of buyers.
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