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HomeNewsTop NewsShriram Properties' net profit up 27.02% in Q4 FY24

Shriram Properties’ net profit up 27.02% in Q4 FY24

Shriram Properties (SPL) has reported a growth of 27.02 per cent in its net consolidated profit during the quarter ended March 31, 2024. Its profit after tax stood at Rs 20.12 crore in Q4 FY24 as against Rs 15.84 crore it recorded in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 358.37 crore in Q4 FY24, a growth of 109.60 per cent from Rs 170.98 crore it recorded in the similar quarter last year.

During the quarter ended March 31, 2024, the company has acquired control over Shriprop Malls, Shriprop Infrastructure, Shrivision Projects, Shrivision Structures, Shrivision Estates, Shrivision Malls, Shrivision Hitech City and SPL Homes.

SPL has clocked sales volumes of 4.59 million sq ft in FY24. Sales values touched Rs 2,362 crore in FY24, up 28% year-on-year. FY24 gross collections stood at Rs 1,391 crore, up 16% year-on-year.

Overall portfolio average realisation improved 12% year-on-year, while average realisation for mid-market units were higher by 20% year-on-year.

SPL’s cost of debt dropped to 11.6%, as compared to 11.9% in FY23. The cost of incremental debt is now in the 10% – 10.5% range. Net debt remained almost flat at Rs. 441 crore and debt-equity declined marginally to 0.35:1.

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