Elara India Opportunities Fund Picks up a stake in Karda Constructions Ltd.

Elara India Opportunities Fund Picks up a stake in Karda Constructions Ltd.

Nashik, August 18: Elara India Opportunities Fund Ltd. has picked up a stake in BSE & NSE listed Karda Constructions Ltd. (KCL) (BSE: 541161; NSE: KARDA), a leading real estate developer. As per bulk deal data available on BSE, Elara India Opportunities Fund has picked up 961340 shares at Rs. 21.50 on August 17, 2021.

Recently the company had announced excellent results for the quarter ended June 30, 2021. Total income rose from Rs. 1776.95 lakhs (Q1FY21) to Rs. 2028.76 (Q1FY22), a Y-O-Y increase of ~14%. The profit after tax (PAT) saw massive growth, from Rs. 174.46 Lakhs (Q1FY21) to Rs. 614.24 (Q1FY22), an increase of 252%.

The company’s business activity falls within two business segments – Development of Real Estate Properties and Civil Contracting Business.

Karda Constructions Ltd is a First-Generation Construction Company in Maharashtra and Western India with a disciplined and professional approach. The company is founded and promoted by Mr. Naresh Karda in the year 2007. Promoter has an experience of more than 25 years in the construction industry. The company has established its brand name as “Hari” for its entire project. The company has received an Award for the “Iconic Budget Home” by Times Realty Icons Award 2019, Navi Mumbai & Thane. The company also received an Award for the “The Most Preferred Real Estate Company” of Nashik at the event “My Maharashtra Awards-2019”.

The company has a strong project pipeline of Rs 1,185 crore, of which 70% of the project will go live by 2025. The company has diversified revenue streams – civil contracts, joint development, government and private contract. Karda construction has 7 lakh square feet of land reserves with access to prime locations across Nashik district and other territories.

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