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Shriram Properties (SPL) posted a 27% rise in net consolidated profit, reaching INR 20.12 crore in Q4 FY24, up from INR 15.84 crore last year. Total income surged 109.6% to INR 358.37 crore, reflecting robust business activity. The company expanded its portfolio, acquiring Shriprop Malls, Shrivision Projects, and SPL Homes. FY24 sales hit 4.59 million sq. ft., worth INR 2,362 crore, a 28% year-on-year increase. SPL's cost of debt fell to 11.6%, with a net debt ratio of 0.35:1, showcasing financial discipline. Investors are optimistic about SPL's growth prospects given its strategic acquisitions and strong financial performance.
Real estate developer Shriram Properties (SPL) reported a 27% increase in net consolidated profit, reaching INR 20.12 crore compared to INR 15.84 crore in the same period last year. Advertisement
This positive trend extends to overall income, with a significant 109.6% rise in Q4 FY24 compared to the previous year. Total income for the quarter reached INR 358.37 crore, demonstrating a healthy increase in business activity.
Shriram Properties has also been expanding its portfolio through acquisitions. The company gained control over several entities during the quarter, including Shriprop Malls (unspecified value), Shrivision Projects (unspecified value), and SPL Homes (unspecified value). This strategic move positions them for further growth in key market segments.
Looking beyond the last quarter, FY24 saw strong sales performance for Shriram Properties. The company achieved total sales volume of 4.59 million square feet, translating to a sales value of INR 2,362 crore. This represents a 28% year-on-year increase, indicating sustained demand for their properties.
Shriram Properties is also demonstrating financial discipline. The company's cost of debt has decreased from 11.96% in FY23 to 11.6% in FY24. This signifies their ability to secure favourable financing terms, improving overall financial efficiency. Additionally, their net debt ratio remains manageable at 0.35:1, highlighting a healthy balance sheet structure with a net debt of approximately INR 441 crore (calculated based on the ratio).
With a strong financial performance and strategic acquisitions, Shriram Properties is well-positioned for continued growth. Their focus on the mid-market segment, evidenced by a 20% year-on-year increase in average realization for these units, reflects a strategic understanding of current market demands. Investors will be closely watching how Shriram Properties leverages its recent expansion, strong financial footing (net debt of INR 441 crore and debt-equity ratio of 0.35:1), and sales momentum (4.59 million sq. ft at INR 2,362 crore) to capitalize on future market opportunities.
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