the erstwhile steel company shree precoated steels demerged its steel and realty business into separate entities the real estate business has been housed under the company named ajmera realty and infra india trading in the demerged entity started on june 16 2009 after the stock was delisted since then the stock has gained 37 as against a 17 and 13 upsurge in sensex and et realty index respectively its onemonth and threemonth return was 4 and 16 respectively beating benchmark indices the company announced its results on monday the stock closed at the days low of rs 22660 after a touching a high of rs 233ajmera realty has been in realty business and has constructed about 20 million sqf of area the company has a strong presence in western suburbs andheri and borivali of mumbai and is also present in pune gujarat and bangalore the company built the first mall at andheri in mumbai currently two residential projects wadala in central suburb in mumbai and in bangalore are under construction with an area of 17 million sq ft about 20 of these projects are soldthe company expects a rerating in prices in its wadala project which will increase its average selling price from the current rs 11000 per sq ft to rs 15000 per sq ft these projects will be funded though internal sources and through presales going ahead these projects are expected to bring revenue visibility for the next 18 monthsthe company is also in the process of acquiring land for further projects in mumbai and pune it also plans to launch a few commercial projects it does not believe in amassing huge land banks from borrowed funds and thus is a zerodebt companyin case of paucity of funds for its projects it can easily raise debt currently the company has rs 50 crore cash on the books and it expects another rs 200 crore in march 2010 quarter ajmera realty is valued at 52 times its annualised earnings of rs 436 making it one of the higher pe companies in the realty sector in india however investors must keep a track on this stock as it has a potential to become a good portfolio stockit reported a 10 growth in revenue for the quarter ended december 31 2009 at rs 721 crore as compared to rs 657 crore in the september 2009 quarter due to the demerger of business previous year comparable results are not available at a net profit of rs 386 crore for the december 2009 quarter the companys net profit grew 12 higher than the growth in topline for the abovementioned period the revival of the real estate has added to the investor confidence especially in mumbai which is the core market for ajmera realty