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Dolat Capital Report
Aurum Proptech Ltd. reported revenue growth of -1.4% QoQ, however, exdivesture of BeyondWalls & Kylas, revenue increased by 9.8% QoQ.
Rentals biz. (68% of revenue) led growth with an 18.8% QoQ increase. Divesture also helped lower operating profit margin loss to -13.7% (Q1: -17.1%).
Management reiterated its growth guidance of 45%+ for the medium term and expects to turn positive PAT by end of FY27E.
Given sustained growth and lowering losses, we expect Aurum to continue delivering superior growth while maintaining a strong focus on unit economics.
We anticipate lower losses for FY25E/26E and expect FY27E to post profit. Maintain ‘Buy' rating with DCF-based target price of Rs 250 (implies enterprise value/ sales of 2.7x on FY27E sales).
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