+
Peninsula Land reports Q3 profit of Rs 103 cr
Real Estate

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.

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.

Next Story
Infrastructure Urban

AMC to Spend Rs 81 Lakh Monthly on Sports Complex Upkeep

The Ahmedabad Municipal Corporation (AMC) has proposed a monthly expenditure of Rs 81.26 lakh for cleaning and maintaining the newly built sports complex at Shastri Nagar in Naranpura. The contract, awarded to Hatchint Hospitality, will be valid for three months until the Sports Authority of Gujarat (SAG) assumes operational control.The arrangement includes mechanised cleaning and comprehensive housekeeping services. AMC will later recover the maintenance costs from SAG. ..

Next Story
Infrastructure Urban

L&T Wins Rs 20 to 50 Bn EPC Order from Hindustan Zinc

Larsen & Toubro (L&T) has secured a large EPC order, valued between Rs 20 billion and Rs 50 billion, from Hindustan Zinc Limited (HZL), a Vedanta Group company. The project will set up a 250 KTPA Leaching, Purification and Cellhouse facility along with a 125 KTPA Jarosite Circuit at HZL’s Debari Smelter Complex in Rajasthan.The facility will produce Special High Grade Zinc Cathodes (99.995% Zn). Awarded on an EPC basis, the order covers design, procurement, site services, installation and commissioning of the plant, including associated utilities, electrics, instrumentation and autom..

Next Story
Infrastructure Transport

MahaMetro Finalises Sitabuldi–Koradi Line for Nagpur Phase 3

MahaMetro has finalised a new corridor connecting Sitabuldi and Koradi under Nagpur Metro Phase 3, as part of the city’s Comprehensive Mobility Plan (CMP). The decision was taken during a high-level meeting on 27 July 2025 attended by Chief Minister Devendra Fadnavis, Union Minister Nitin Gadkari and senior officials.CMP Phase 1 proposes two High Capacity Mass Rapid Transit System (MRTS) corridors with an estimated cost of Rs 8,625 crore: Sitabuldi–Koradi (11.5 km) and Mankapur Chowk–Rachana Junction (25 km). Based on ridership and traffic assessments, the Sitabuldi–Koradi line has bee..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?