A luxury real estate giant on the rise
Isprava Group, a Mumbai-based developer and rental firm specialising in luxury homes, has achieved a remarkable milestone in the fiscal year ending March 2024. The company reported more than double its revenue and turned profitable, marking a pivotal moment in its growth journey.
Revenue to new heights
According to its consolidated financial statements, Isprava’s gross revenue surged by an impressive 2.3 times to ₹452 crore in FY24, compared to ₹196 crore in FY23. This substantial growth underscores the company’s strong performance across its operations.
Key markets driving success
Isprava is known for developing and renting luxury homes in sought-after locations such as Goa, Alibaug, and the Nilgiris. The company’s portfolio includes high-end holiday retreats that come with premium services like housekeeping and private chefs, appealing to an elite clientele.
The real estate segment emerged as the primary revenue driver, contributing 81.86% of the total operating income. Revenue from this segment rose sharply by 89% to₹370 crore in FY24, up from₹195 crore in FY23. The hospitality division added a significant ₹74.5 crore, further solidifying Isprava\u2019s diverse income streams.
Strategic investments and profitability
The company’s profitability was further bolstered by additional income of ₹7 crore from interest on investments, pushing its total revenue to ₹458.5 crore for FY24.
Procurement costs, including land, materials, and construction expenses, accounted for 72% of overall expenses. These costs rose by 94% to ₹299 crore. Employee benefits also saw a threefold increase to ₹61.7 crore, reflecting Isprava\u2019s focus on talent acquisition and retention. Advertising expenditure doubled to ₹14 crore, while other operational expenses, including rent, legal, and travel costs, brought total expenditure to ₹412 crore, up from ₹206 crore in FY23.
Turning losses into gains
This remarkable scale allowed Isprava to achieve a profit of₹63 crore in FY24, a significant turnaround from the ₹7.5 crore loss reported in FY23. The company also recorded improvements in its financial metrics, with an ROCE of 22.64% and an EBITDA margin of 12.45%. At the close of FY24, Isprava’s current assets stood at₹446 crore, including a robust cash and bank balance of₹119 crore.
Backed by prominent investors
Isprava has raised over₹1,216.95 crore (more than $150 million) in funding, including a₹160 crore round in January 2023. Nearly 40% of the company’s stake is held by the Darshan Shah Family Trust. Esteemed investors such as the Nadir Godrej Family Office, Burman Family Office, and Symphony International Holdings have also placed their confidence in Isprava’s vision.
A promising future ahead
With its focus on luxury real estate and strategic investments, Isprava has firmly positioned itself as a leader in the upscale property market. As the company continues to scale new heights, it sets a benchmark for growth and innovation in the industry.
