Shriram Properties has reported 28% rise in net profit to Rs 20.1 crore as total revenues increased by 110% to Rs 358.4 crore in Q4 FY24 as compared with Q4 FY23.
Total operating expenses jumped 133% year-over-year (YoY) to Rs 292.7 crore during the period under review.
EBITDA improved by 45% to Rs 65.7 crore in Q4 FY24 from Rs 45.3 crore in Q4 FY23.
Profit before tax in Q4 FY24 stood at Rs 12.3 crore, down by 11% from Rs 13.8 crore in Q4 FY23. The company wrote back taxes amounting to Rs 7.8 crore in the fourth quarter.
For Q4 FY24, Shriram Properties said that the quarterly sales stood at 1.56 million square feet (up 19% YoY) and sales value rose to Rs 708 crore (up 43% YoY) in Q4 FY24. Gross collections grew by 10% YoY to Rs 336 crore and customer handovers stood tall at 1,396 homes/plots in Q4FY24.
During the last quarter, SPL launched 2 projects viz., 'Shriram Sapphire' (a 400-unit residential project with 0.5 million square feet aggregate saleable area near Electronic City, Bangalore) and 'Shriram Shubham' (a 0.46 million square feet plotted development opportunity at Chennai).
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Shriram Sapphire was launched under the codename Ultimate that received exceptional response with nearly 70% of project area sold within first week of launch and nearly 80% of project area sold within a month.
"Launch momentum remains strong with strong line-up of projects for the current year and the company is confident of continued success, Shriram Properties said in a statement.
For FY24, Shriram Properties has reported net profit and revenue of Rs 75.4 crore (up 10% YoY) and Rs 987.4 crore (up 21% YoY), respectively.
Murali M, CMD, Shriram Properties, said: "Our record breaking results are a testament to our commitment to growing the business profitably, year-after-year.
We have achieved significant milestones during the year, notwithstanding certain external-led delays in receipt of approvals and OCs. Our teams have worked diligently to overcome challenges and deliver on promises.
Supported by our strong market presence and success of strategic initiatives, we are confident of sustaining growth and profitability in the coming years.
Our robust launch pipeline, strong execution platform coupled with continued focus on cost management and commitment to delivering quality will support towards this end."
In its outlook, Shriram Properties stated that FY25 outlook is promising, as the company is embarking on some ambitious projects that should help realise newer benchmarks in its key performance indicators.
SPLs ongoing efforts will be supported by robust launch pipeline, timely project completions & handovers, and resultant revenue recognition momentum. SPLs relentless focus on costs and benefits of scale should help sustain margins and profitability in the coming quarters.
Shriram Properties (SPL) is one of South India's leading residential real estate development companies, primarily focused on the mid-market and affordable housing categories. SPLs key markets include Bangalore, Chennai and Kolkata, which together account for nearly 85% of its development activities. SPL has demonstrated track record having delivered 44 projects with a saleable area of 24.4 million square feet, mostly in the cities of Bengaluru and Chennai. SPL has a strong development pipeline comprising of 42 projects with an aggregate development potential of 42.1 million square feet, as of 31 March 2024.
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