For Rajnikant S. Ajmera, chairman and managing director of Ajmera Realty & Infra India, FY14-15 has been the best performing year in the recent past. During the year, the company realised net sales of Rs 136.44 crore. Its net profit for the year rose 262 per cent amounting to Rs 22.19 crore as compared to Rs 6.13 crore in FY14. Why did this ‘featherweight’ company (revenue between Rs 100 crore and Rs 999 crore) show such fantastic results? The chairman explains: “The company follows project completion method, hence the profit significantly varies from year to year depending on the status of the project under implementation.”
In FY2015, Ajmera Realty saw realisations coming in from projects based in Mumbai, Ahmedabad, Bengaluru and Bahrain among other centres.
“Our project, Ajmera i-Land at Bhakti Park, Wadala, comprising towers Aeon, Zeon and Treon, has made a remarkable progress with the use of mivan technology. We will begin exploring the potential of Kanjurmarg project, after receiving the final Development Plan 2034,” said CMD Ajmera in his address to shareholders.
One of the reasons behind our envying efficiency in construction, explains Ajmera, a civil engineer, is the use of mivan technology, which is used worldwide by developers to achieve speed, strength and safety of the structure. “We use this technology to achieve maximum result in minimum time and least effort,” he says. The same has been used effectively in projects such as Ajmera Aeon, Ajmera Zeon and Ajmera Treon, part of the Ajmera i-Land.
The technology uses approximately 70 per cent more steel and doubles the life of a building. It is used for constructing walls, beams and columns. According to the company, besides the advantage of carrying out painting without plastering, mivan reduces time of construction by minimum 10 days and labour by around 20 per cent.
To further give a fillip to its business going forward, the company has incorporated a wholly-owned subsidiary company, Ajmera Corporation UK, in Wembley, London. “This investment is planned for real estate construction and development projects in London,” it said recently. On the domestic front, Ahmedabad in the state of Gujarat and Bangalore in the state of Karnataka are the geographies Ajmera has entered into.
Amongst its overseas projects, Ajmera is creating its footprint in Bahrain with the proposed landmark in Bahrain Bay, an iconic residential building complex.
To bridge the gap between Ahmedabad’s dream and reality, Ajmera has launched Casa Vyoma, a six-tower luxury housing project spread across six acres with each tower at least 12 stories tall.
ashish.sinha@businessworld.in; @ashish_bw
BW Reporters
Ashish Sinha is an experienced business journalist who has covered FMCG, auto, infrastructure, tourism, telecom among several other beats. Ashish has keen interest in the regulatory scenario impacting different sectors. He writes on aviation, railways, post and telegraph, infrastructure, defence, media & entertainment, among a wide variety of other subjects.
