Shriram Properties (SPL) has appointed Ravindra Kumar Pandey as the new chief financial officer (CFO) of the company, effective from August 14, 2024.
Pandey joined SPL in 2017 and currently leads the finance & treasury functions. With over 18 years of experience, he has previously worked with Sobha, Skyline, Rolastar and Kavveri Telecom.
This appointment follows the recent elevation of Gopalakrishnan J as executive director & group chief executive officer, which left the CFO position vacant. Gopalakrishnan previously held the position of ED & group CFO.The company has also elevated Rajesh Shirwatkar as deputy chief financial officer from his current position of senior vice president-accounts.
In July 2024, K R Ramesh was appointed as executive director (strategy & corporate development), from his current position of ED-operations.
The company reported sales volumes of 0.70 million sq ft and sales values of Rs 376 crore during Q1 FY25. Its decision to defer launch in Pune to Q2 FY25, in view of prolonged approval process, also impacted volumes.
SPL has lined up four launches in Q2 and over six launches in H2. Gross collections stood at Rs 321 crore (+10% year-on-year) in Q1 FY25.
It also plans to launch a new residential development in the North Bengaluru land parcel during Q2 FY25.
Net debt of the company was a shade higher at Rs 482 crore in Q1 and debt-equity ratio stood at 0.37:1. Cash from operations remained positive at Rs 30 crore, but free cash flow turned marginally negative reflecting debt repayment during the quarter. The company made new project investments of Rs 44 crore during Q1 FY25, thereby ending the quarter with cash & cash equivalents of Rs 128 crore.
