Shriram Properties Q1 net profit rises 59% to Rs 16.62 cr on better income

New Delhi: Realty firm Shriram Properties on Monday reported a 59 per cent increase in its consolidated net profit to Rs 16.62 crore for the first quarter of this fiscal.

Its net profit stood at Rs 10.47 crore in the year-ago period.

The total income rose to Rs 157.17 crore during the April-June period of 2023-24 from Rs 145.11 crore in the year-ago period, according to a regulatory filing.

Its sales volumes increased 17 per cent year-on-year to 0.78 million square feet during the first quarter of this fiscal. Sales bookings in value terms rose 47 per cent annually to Rs 459 crore, driven by strong sustenance sales in ongoing projects and two successful launches during April-June.

M Murali, CMD, Shriram Properties said: “We are encouraged by the continuing strong operating and financial performance...Looking ahead, with our launches, we remain positive in our commitment to, delivering homes and contributing meaningfully to the growth of the company".

The company’s gross debt was 12 per cent lower at Rs 488 crores, while its net debt stood at Rs 403 crore at the end of June 2023.

Shriram Properties' board also approved the appointment of Ashish P Deora as Non-Executive Non-Independent Director of the company. Deora is the founder and CEO of Aurum PropTech Ltd. Shriram Properties Ltd has delivered 39 projects with a saleable area of 21.9 million square feet, mostly in Bengaluru and Chennai. It has a strong development pipeline comprising 49 projects comprising 51.6 million square feet as of June 30, 2023.