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Sri Lotus Developers & Realty Ltd has reported a 37 per cent year-on-year increase in consolidated net profit for the December quarter, supported by a sharp rise in total income. The Mumbai-based developer said its net profit stood at INR 70.22 crore during the quarter, compared with INR 51.35 crore in the corresponding period of the previous year. Total income more than doubled to INR 239.78 crore from INR 123.59 crore in the year-ago quarter, according to a regulatory filing made earlier this week. Incorporated in 2015, Sri Lotus Developers has completed four real estate projects and continues to expand its development pipeline through a combination of ongoing and upcoming projects across a significant carpet and saleable area footprint.
Sri Lotus Developers & Realty Ltd reported a 37 per cent increase in consolidated net profit for the December quarter, reflecting strong growth in income during the period. The company said its net profit rose to INR 70.22 crore, compared with INR 51.35 crore recorded in the same quarter of the previous financial year. Advertisement
According to a regulatory filing made earlier this week, the company's total income increased sharply to INR 239.78 crore in the third quarter of the current fiscal year, up from INR 123.59 crore in the corresponding period a year earlier. The significant rise in income contributed to the improvement in profitability during the quarter under review.
Sri Lotus Developers & Realty, which was incorporated in 2015, is based in Mumbai and operates in the residential real estate segment. Over the years, the company has completed four projects with an aggregate carpet area of more than 4.2 lakh sq ft. In addition to its completed developments, the company currently has six projects under construction.
The developer also has a sizeable pipeline of future projects. As per disclosures, it has 14 upcoming developments planned, which together cover around 39.5 lakh sq ft of carpet area. These projects collectively account for approximately 31.8 lakh sq ft of saleable area, indicating a substantial development and sales pipeline over the medium term.
The company's performance in the December quarter reflects the execution and monetisation of its project portfolio during the period. The rise in income suggests higher recognition from ongoing developments, although the company did not provide a detailed project-wise or segment-wise breakup in the filing.
Sri Lotus Developers has steadily expanded its footprint since its incorporation, focusing on scaling up both completed and under-development projects. The combination of completed inventory, ongoing construction and planned developments positions the company with a mix of near-term and future supply.
The latest quarterly results underline the company's financial performance trajectory during the current fiscal year, with growth in both revenue and profit compared with the year-ago period. The company has not disclosed any forward-looking statements or projections in the filing, limiting the update to reported financial performance and its existing development portfolio.
Source - PTI
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