Alfred Herbert (India) Reports Exceptional Q1 Profit on Property Sale

Alfred Herbert (India) Limited , a non-banking financial company, has reported an extraordinary standalone profit of ₹42,471.09 crore for the quarter ended June 30, compared to a loss of ₹35.41 crore in the same quarter last year. This remarkable turnaround was primarily driven by exceptional items worth ₹48,047.16 crore from the sale of immovable property at Whitefield, Bengaluru.

Financial Highlights

Property Sale Boosts Profits

The exceptional performance was largely attributed to the sale of the company's immovable property in Whitefield, Bengaluru. This strategic divestment resulted in an extraordinary gain, significantly impacting the company's bottom line for the quarter.

Core Business Operations

Alfred Herbert (India) Limited primarily operates in investing activities, including investments in immovable properties, fixed deposits, securities such as equity, bonds, mutual funds, and other non-banking financial activities.

Management Commentary

The company's board of directors approved the unaudited financial results in a meeting held on August 7. The meeting commenced at 10:00 A.M. and concluded at 12:20 p.m.

Investor Considerations

Investors should note that this exceptional profit is largely due to the one-time gain from the property sale. Future quarters may see a normalization of profits as the company returns to its core operations.

Alfred Herbert (India) Limited continues to focus on its investment activities and non-banking financial operations. The company's performance in upcoming quarters will provide a clearer picture of its ongoing operational efficiency and growth strategies.