Shriram Properties Q1 profit rises 5% to Rs 17.46 crore

New Delhi: Realty firm Shriram Properties on Wednesday reported a 5 per cent increase in its consolidated net profit to Rs 17.46 crore for the quarter ended June on higher income.

Its net profit stood at Rs 16.62 crore in the year-ago period.

Total income rose to Rs 210.90 crore in the April-June period of this fiscal from Rs 157.17 crore in the corresponding period of the previous year, according to a regulatory filing.

The company also appointed Ravindra Kumar Pandey as Chief Financial Officer and elevated Rajesh Yashwant Shirwatkar as Deputy Chief Financial Officer.

Shriram Properties reported sales volumes of 0.70 million square feet and sales values of Rs 376 crore during the first quarter of this fiscal year.

Commenting on the performance, Murali M, CMD, Shriram Properties said, "Our strong market presence and success of our strategic initiatives give us confidence in maintaining growth and delivering on promises in the years to come." "Our solid project pipeline, a strong execution platform, and our unwavering focus on costs and quality will contribute towards profitable growth even in the future," he said.

Shriram Properties Ltd is one of the leading real estate developers in India. Its key markets include Bangalore, Chennai and Kolkata, which together account for nearly 85 per cent of its development activities.

The company has delivered 44 projects with a saleable area of 24.4 million square feet, mostly in the cities of Bengaluru and Chennai. It has a strong development pipeline comprising 42 projects with an aggregate development potential of 42.1 million square feet as of June 30, 2024.