Arkade Developers Sees Profits Soar Four-Fold in Q1

Realty firm Arkade Developers reported a significant increase in profits, with a four-fold rise to Rs 30.21 crore in the first quarter. The surge is attributed to strong demand in the Indian real estate market, especially in luxury housing. Arkade's total income also doubled in this period.

Arkade Developers Ltd, the realty firm that recently made its debut on the stock exchanges, has reported a dramatic leap in its consolidated net profit for the first quarter of the fiscal year. The company recorded a more than four-fold increase to Rs 30.21 crore, a substantial rise from Rs 6.57 crore in the same period last year.

Accompanying this profit surge, Arkade's total income also saw a significant boost, doubling to Rs 125.51 crore from Rs 62.01 crore in the previous year's corresponding period of April to June, reflecting the robust demand in the Indian real estate market.

The luxury housing segment, driven by urbanisation and growing incomes, is showing strong growth," according to Amit Jain, Arkade Developers' Chairman and Managing Director. In addition, last month, the Mumbai-based firm successfully raised Rs 410 crore through its initial public offering (IPO).

(With inputs from agencies.)