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HomeNewsTop NewsShriram Properties posts net profit of Rs 19.59 crore in Q2 FY23

Shriram Properties posts net profit of Rs 19.59 crore in Q2 FY23

The company's net consolidated income stood at Rs 275.83 crore in Q2 FY23, a growth of 192.72 per cent from Rs 94.23 crore it recorded in the similar quarter last year.

Shriram Properties has reported net consolidated profit after tax of Rs 19.59 crore in the quarter ended September 30, 2022. It had recorded loss after tax of Rs 23.27 crore in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s net consolidated income stood at Rs 275.83 crore in Q2 FY23, a growth of 192.72 per cent from Rs 94.23 crore it recorded in the similar quarter last year.

Murali M, chairman and managing director of the company said,”We will remain focused on profitable growth by leveraging the strong project pipeline and market opportunities. Improving operating leverage and stabilised DM business model should add further strength.”

The company has reported sales volumes of 1.01 million sq ft in Q2 FY23, up 52% quarter-on-quarter (QoQ). Aggregate sales value stood at Rs. 435 crore, up 39% QoQ, in Q2 FY23.

It has reported first half sales of 1.67 million sq ft with 27% year-on-year (YoY) growth in sales value at Rs.747 crores in H1 FY23. It has clocked 5% higher realisation during H1, on top of an ~8% growth seen in H2 FY22.

Overall finance costs were lower by 17% YoY, while actual interest costs were down 28% YoY in H1 FY23, reflecting the impact of lower debt and ongoing refinancing efforts to lower costs. The company has refinanced over Rs 103 crore of debt in its balance sheet and also refinanced an additional Rs. 380 crore at JV level during H1 FY23. Share of profits from JVs is higher on YoY basis at Rs 5.3 crore in H1 FY23, reflecting the start of revenue recognition at Shriram Park63, a JV project at Chennai.

Its gross debt is at Rs.478.8 crores, while net debt stood at Rs. 374.4 crore in September 2022. Debt-Equity ratio at 0.32x is among the lowest in the sector.

The company expects to handover nearly 2,000 units in FY23 and over 10 million sq ft during FY 2023-25. Accordingly, about 75% of revenue recognition over the next three years would come from cumulative volumes sold till September 2022 and about 60% development management (DM) fee would come from projects launched already.

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