Aurum PropTech’s net loss widens to Rs 23.89 crore in Q2 FY24, ET RealEstate

October 23, 2023

NEW DELHI: Aurum PropTech has reported net consolidated loss after tax of Rs 23.89 crore during the quarter ended September 30, 2023. It had registered loss after tax of Rs 10.82 crore in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 57.53 crore in Q2 FY24, a growth of 86.54 per cent from Rs 30.84 crore it recorded in the similar quarter last year.

Onkar Shetye, executive director of the company said, “This quarter, we significantly reduced NestAway’s losses from 85% EBIDTA (pre-acquisition) to 17% EBIDTA, which puts us on track to break-even by the end of this financial year.”

The board of directors of the company in April 2023, considered the acquisition of NestAway Technologies (NestAway) and delegated the power to the executive investment committee to invest up to Rs 90 crore. The executive investment committee of the company in its meeting held on June 01, 2023, approved the acquisition of upto 100% equity share capital of NestAway for a cash consideration of up to Rs 90 crore.

During the quarter ended September 30, 2023, the company has acquired 93.64% of the equity shares of NestAway by paying Rs 81.51 crore, it said in the regulatory filing.

The group has incurred a loss before tax of Rs 28.50 crore for the quarter ended September 30, 2023, and has accumulated loss of Rs 49.76 crore as on September 30, 2023. Further, the group’s current liabilities have exceeded the current assets by Rs 100.27 crore as on that date, mainly due to the acquisition of one subsidiary and its step down subsidiaries in the current quarter. Current liabilities mainly include lease liabilities of Rs 46.50 crore.

During the previous quarter ended June 30, 2023, the company has received incorporation approval for two subsidiaries: Monk Tech Venture and Cuneate Services with authorized capital of Rs 10 lakh and Rs 1 crore respectively. The company has invested Rs 5 lakhs and Rs 1 lakh respectively in the two subsidiaries till the end of September 30, 2023, it said in the regulatory filing.

  • Published On Oct 23, 2023 at 07:00 PM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

  • Get Realtime updates
  • Save your favourite articles

Scan to download App

Source link

Abhay Singh

Web Developer

Leave a Comment