Real estate developer TARC ltd has reported 330.9% YoY and 490.2% QoQ growth in income from operations in Q2 FY 22 and the management is in talks with other global funds for sale of a few non-core assets.
The company has recently concluded its warehousing asset sale to Blackstone Inc. (BREP) for Rs 295 crore in September 2021
TARC has reported revenue of Rs 16,102.10 lakh in the second quarter of the current financial year (Q2 FY21-22). The company also reported a robust YoY growth of 652.8% in EBIDTA and 10X increase in profit before tax.
“We hold large land banks in New Delhi and plan to develop and monetise them in phases. The proceeds of our recent asset sale will help fast track our residential projects thus consolidating our strategy to develop higher yielding and future ready premier housing projects,” said Amar Sarin, Managing Director & CEO, TARC Limited.
“We are also evaluating new joint venture prospects and are in talks with a few land owners for the same,” Sarin said.
The company has sold most of its inventory in its Maceo project. The company witnessed an increase in demand for bigger homes due to the shift to the work-from-home (WFH) culture.
The company is launching two projects – a 200 unit development in Rajokri, New Delhi and another 500 units development on Extended Golf Course Road, Gurgaon within this financial year.
TARC Limited successfully concluded the sale of its warehousing asset in North Delhi to BREP Asia II EIP Holding (NQ) Pte. Limited, an affiliate of funds controlled, managed and/or advised by Blackstone Inc (BREP) for Rs 295 crores.
The company will use a part of the proceeds to fast track the residential projects. The company plans to be debt free and is negotiating additional similar opportunities with Blackstone Inc. (BREP) and other global funds.
