Realty firm Shriram Properties announced a 32% increase in consolidated net profit for the March quarter, reaching Rs 20.18 crore compared to Rs 15.25 crore in the same period last year. This growth is attributed to a significant rise in total income, which doubled to Rs 358.37 crore in Q4 FY24 from Rs 170.98 crore in the corresponding quarter of FY23, according to a regulatory filing on Wednesday.
For the entire fiscal year 2023-24, Shriram Properties reported a net profit of Rs 75.43 crore, up from Rs 65.97 crore in the previous year. Total income for the fiscal year grew to Rs 987.35 crore, an increase from Rs 813.93 crore in FY23.
Murali M, Chairman and Managing Director of Bengaluru-based Shriram Properties, commented on the performance, stating, "Supported by our strong market presence and the success of strategic initiatives, we are confident of sustaining growth and profitability in the coming years. Our robust launch pipeline, strong execution platform, and continued focus on cost management and commitment to delivering quality will support this growth."
Shriram Properties is one of South India's leading real estate development companies, primarily focused on the mid-market and affordable housing categories. The company's key markets include Bengaluru, Chennai, and Kolkata. To date, Shriram Properties has delivered 44 projects with a saleable area of 24.4 million square feet, predominantly in Bengaluru and Chennai.
Looking forward, Shriram Properties has a strong development pipeline comprising 42 projects with an aggregate development potential of 42.1 million square feet as of March 31, 2024. This extensive pipeline underscores the company's commitment to expanding its footprint in key markets and delivering quality housing solutions.
Part of the Shriram Group, Shriram Properties made its initial public offering in December 2021, becoming a publicly traded company. This strategic move has enabled the company to leverage additional capital for growth and expansion.
As Shriram Properties continues to execute its strategic initiatives and manage costs effectively, it remains well-positioned to capitalize on opportunities in the real estate market, ensuring sustained growth and profitability in the years ahead.
