Shriram Properties Ltd on Thursday reported a 19 per cent increase in its sales bookings to a record Rs 1,482 crore in the last fiscal, driven by better demand. The company achieved its highest-ever sales volume and value and record-high collections and construction for the year ended March 31, 2022.
Sales volume reached a record high of 3.76 million square feet in FY22, up 25 per cent from the previous year.
Aggregate sales value reached an all-time high of Rs 1,482 crore in FY22, up 19 per cent year-on-year.
The total collections from customers too were at a new high of Rs 1,263 crore in FY22, up 37 per cent year-on-year.
The aggregate construction spending for the full year stood at Rs 644 crore in FY22, up 157 per cent year-on-year.
M Murali, Chairman and Managing Director, Shriram Properties Ltd, said: “We are encouraged by the continued strong performance on all key operating parameters during the quarter and achieving new high on most KPIs”.
“This reinforces our confidence in the strength of the operating platform and sustaining growth momentum for greater volumes and enhanced profitability and returns in the coming years,” he added.
The company said that the overall construction remains strong and should support timely completion, delivery of ongoing projects and collection momentum in the coming quarters.
The company remains positive on the immediate and long-term prospects, given the strong sector fundamentals, supported by low-interest rates, stable prices, improving purchasing power and fiscal incentives from the government for home buyers.
“Mid-market and affordable housing will remain a key performer and the company remains focused on this segment,” the statement said.
Supported by a robust project pipeline and strong operating platform, the company said it is well equipped to benefit from ongoing consolidation in the industry.
“Planned significant new launches in the next fiscal will enable the company to sustain growth momentum and deliver significant value for its stakeholders,” the statement said.
Shriram Properties is one of South India’s leading residential real estate development companies, primarily focused on the mid-market and affordable housing categories.
Its key markets include Bengaluru, Chennai and Kolkata, which together account for over 85 per cent of its development activities.
The company has delivered 29 projects with a saleable area of 17 million square feet mostly in Bengaluru and Chennai.
It has a strong development pipeline comprising 51 projects with an aggregate development potential of 51 million square feet as of March 31, 2022.