Shriram Properties reports profit of Rs 10.48 Crore for April-June quarter on improved sales


By CNBCTV18.com STI (Update)

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Shriram Properties’ sales bookings jumped 26% to Rs 313 crore in the quarter under review, from Rs 248 crore in the prior year. Construction spending jumped 52% year-on-year to Rs 137 crore.

Shriram Properties Ltd reported an increase in sales for the quarter ending June, resulting in a consolidated net profit of Rs 10.48 crore. The company had reported a net loss of Rs 3.67 crore in the corresponding period last fiscal year.

The company’s first quarter revenue more than doubled from Rs 60.9 crore a year ago to Rs 145.11 crore this year. The company reported 20% year-on-year growth in sales volumes to 0.66 million thanks to strong sales across all projects and the launch of a new phase of a project in Classes.

Shriram Properties’ sales bookings jumped 26% to Rs 313 crore in the quarter under review, from Rs 248 crore in the prior year. Construction spending jumped 52% year-on-year to Rs 137 crore.

Pricing improvement was reported across all segments. The company expects the price curve to improve further due to strong demand, cost considerations and the impact of industry consolidation. The company’s gross debt fell 6% from the previous quarter to stand at Rs 451.2 crore at the end of the June quarter.

“The company remains focused on reducing debt and interest expense over the coming quarters. Post IPO, the company has prepaid debt of around Rs 200 crore and has refinanced around Rs rupees, apart from JV debt refinancing activities,” the company said in a statement. It expects to divest about 10 million square feet in fiscal year 23-25.

President and Managing Director of Murali M, Shriram Properties, said: “The continued strength in earnings and turnaround momentum is reassuring and demonstrates the strength of our team and operating platform. The current strong performance reinforces confidence in our strategy and execution.

He added that the company will remain focused on profitable growth by taking advantage of the strong pipeline of projects and market opportunities. The company has added eight projects to the pipeline, totaling approximately 7 million square feet of development potential since March 2022.

One of South India’s leading residential property developers, Shriram Properties Ltd primarily focuses on middle market and affordable housing. More than 85% of its development activities focus on Bengaluru, Chennai and Kolkata.

The company has delivered 32 projects with a total salable area of ​​19 million square feet. As of June 30, 2022, the Company’s development pipeline contained 53 projects with an aggregate development potential of 53 million square feet.


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