Isprava Group, a luxury house building and rental company, had its income more than double in the fiscal year that ended March 2024. The Mumbai-based company also became profitable, indicating a significant turnaround. According to its consolidated financial accounts obtained from the Registrar of Companies (RoC), Isprava's gross revenue from operations increased by 2.3 times to Rs 452 crore in FY24 from Rs 196 crore in FY23.
Isprava Group develops and rents out luxury residences in desirable places such as Goa, Alibaug, and the Nilgiris. In addition to selling properties, they rent them out as luxury vacation retreats with amenities such as cleaning and private chefs.
The real estate business generated 81.86% of total operating revenue, which climbed by 89% to Rs 370 crore in FY24 from Rs 195 crore in FY23. The remainder of the income comes from hospitality, which was Rs 74.5 crore in FY23. The company earned an extra Rs 7 crore from interest income on investments, bringing its total revenue to Rs 458.5 crore in FY24.
The cost of procurement, which includes land, material consumption, and other construction costs, accounted for 72% of the home developer firm's total cost. In terms of magnitude, this expense increased by 94% to Rs 299 crore in FY24 from Rs 154 crore in FY23.
Employee perk expenses increased threefold to Rs 61.7 crore, while advertising costs doubled to Rs 14 crore. Other expenses added an additional Rs 37.3 crore. Rent, legal fees, travel, and other overheads increased overall expenditure to Rs 412 crore in FY24 from Rs 206 crore in FY23.
The tremendous scale enabled Isprava to become profitable, with Rs 63 crore in profits in FY24, compared to a loss of Rs 7.5 crore in FY23. Its ROCE and EBITDA margins rose to 22.64% and 12.45%, respectively, with an expense-to-earnings ratio of Rs 0.91. At the end of FY24, the company's current assets totaled Rs 446 crore, comprising Rs 119 crore in cash and bank balance.
Isprava has raised Rs 1,216.95 crore which comes to about more than USD 150 million in investment, including a Rs 160 crore round in January of last year. The Darshan Shah Family Trust owns roughly 40% of the corporation. Major investors include the Nadir Godrej Family Office, the Burman Family Office, and Symphony International Holdings.
