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Acuit? Ratings reaffirms ratings of TARC with 'stable' outlook

15-Apr-24 12:17 Hrs IST

Acuit? Ratings said that the rating takes into account the established market position of the company in the Real Estate segment especially in the Delhi NCR region.

The upcoming projects of the company have potential total sales of more than Rs 7,500 crore. The company has completed multiple projects in the past and has 550+ acre of land bank across Delhi and NCR region.

However, the rating is constrained by project risk as two of its project launch i.e. TARC Kailasa and 63A Gurugram got delayed by 3-4 months resulting into a shift in cash flow. However, the risk is mitigated to an extent by launch of its projects namely TARC Kailasa in January 2024 with healthy cashflows expected from the project. The company's sale showed traction as Tower-1 of Kailasa project was completely sold off within 3 month of the project.

The timely commencement and completion of key real estate projects of the company along with steady cash inflows from these projects and timely repayment of debt obligations will continue to remain a key rating sensitivity going ahead.

Delhi-based TARC is engaged in the real estate development business and is primarily pursuing residential projects in the NCR and Delhi region.

The company had reported a consolidated net loss of Rs 33.49 crore in the quarter ended December 2023 as against net profit of Rs 1.31 crore during the previous quarter ended December 2022. Sales declined 90.13% to Rs 9.30 crore in Q3 FY24 over Q3 FY23.

The scrip fell 2.28% to currently trade at Rs 154 on the BSE.

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