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Shriram Properties (SPL) reported a 29.82% decline in its net consolidated profit for the quarter ending December 31, 2024, with profit after tax at INR 12.97 crore compared to INR 18.48 crore in the same period last year. The company's total income also saw a decrease of 25.23%, amounting to INR 179.87 crore. Despite these short-term setbacks, SPL remains optimistic, citing strong project pipelines and upcoming launches in Pune and Bengaluru. The company recorded capital gains of INR 5.09 crore and interest earnings of INR 35.93 crore from divesting its stake in its subsidiary, SPL Shelters. Additionally, SPL secured development rights for three new projects in Bengaluru and Chennai, with a development potential of 1.1 million sq ft. The company's net debt was reduced to INR 401 crore, with a net debt-equity ratio of 0.31:1.
Shriram Properties (SPL) has reported a 29.82% decline in its net consolidated profit for the quarter ending December 31, 2024. The company's profit after tax stood at INR 12.97 crore in Q3 FY25, compared to INR 18.48 crore recorded in the corresponding quarter of the previous financial year, as per its filing with the Bombay Stock Exchange (BSE). Advertisement
SPL's net consolidated total income for Q3 FY25 was INR 179.87 crore, marking a 25.23% drop from INR 240.57 crore in the same quarter last year.
Murali M, chairman and managing director of the company, stated that while quarterly performance was impacted by short-term challenges, underlying market trends remained promising. He expressed confidence that the company was back on track with new launches and handovers. He also highlighted that strategic initiatives, supported by a robust project pipeline and a strong execution platform, would help the company sustain its growth trajectory and meet its commitments.
During the quarter, SPL sold its investment in equity shares and optionally convertible debentures of its wholly-owned subsidiary, SPL Shelters, for INR 93 crore. The transaction resulted in a realised capital gain of INR 5.09 crore and realised interest earnings of INR 35.93 crore on a loan provided to the subsidiary.
SPL recorded quarterly sales volumes of 1.26 million sq ft, reflecting a 14% year-on-year increase, with sales values reaching INR 670 crore, also reflecting a 14% annual growth in Q3 FY25. The company achieved sales volumes of three million sq ft in the first nine months of FY25 and anticipates further growth in Q4, driven by upcoming launches in Pune and Bengaluru.
Gross collections remained stable at INR 346 crore in Q3 FY25, with cumulative collections for the nine-month period reaching INR 1,030 crore.
In terms of business development, SPL secured three new projects in Q3 FY25. The company acquired development rights for land parcels near Yelahanka in North Bengaluru, Electronic City, and Koyambedu in Chennai. These projects have a combined development potential of approximately 1.1 million sq ft, with a gross development value estimated between INR 850 crore and INR 1,000 crore. The company remains focused on nearly doubling its new project pipeline over the next 12 to 18 months.
At the end of Q3 FY25, SPL reduced its net debt to INR 401 crore, with the net debt-equity ratio standing at 0.31:1.
The company's proactive approach in securing new projects, reducing debt, and strengthening its project pipeline demonstrates resilience amid short-term challenges. With upcoming launches in Pune and Bengaluru, coupled with its commitment to expanding its project portfolio, SPL is well-positioned to capitalize on future opportunities in the real estate sector.
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