Peninsula Land reports Q3 profit of Rs 103 cr

Peninsula Land has announced its financial results for the quarter ended December 31, 2023. The company reported a consolidated profit after tax (PAT) of Rs 103 crore for the nine-month period, a 125 per cent increase over the similar period last year. The consistent focus on debt reduction resulted in the overall debt reduction by 57 per cent to Rs 248 crore, which largely consists of LRD debt backed up by a steady rental income from a leased commercial asset. Rajeev Piramal, Vice Chairman and Managing Director of Peninsula Land, commented on the Q3 results, stating Our strategic initiatives to reduce debt, complete our obligations to all the stakeholders and raise fresh capital to fuel further growth have all yielded great outcomes which is reflecting in our financial results as well. Our core market of MMR is undergoing a strategic change with focus shifting from development to re-development, primarily aided by the scarcity of land parcels for fresh development and various societies/land parcels opting to go for the redevelopment route by leveraging the additional incentives/opportunities offered by DCPR 2034. We have been able to raise fresh capital in the last quarter to enable us to leverage these opportunities and propel us towards future growth.