Shriram Properties posts Rs 7.9 million net loss in Q2 FY25
Real Estate

Shriram Properties posts Rs 7.9 million net loss in Q2 FY25

Shriram Properties (SPL) reported a net consolidated loss of Rs 7.9 million for the quarter ended September 30, 2024, compared to a profit of Rs 201.6 million in the same period last fiscal, as per a BSE filing.

The company's net consolidated total income dropped 32.93% year-on-year to Rs 1.55 million in Q2 FY25, from Rs 2.31 million in the corresponding quarter last year.

Murali M, Chairman and Managing Director, attributed the dip to short-term challenges, noting, “Q2 FY25 witnessed reduced launches, but the long-term prospects for the sector remain positive. Our strong project pipeline, robust execution platform, and cost and quality focus will drive profitable growth."

During Q2 FY25, SPL achieved sales volumes of 1.03 million sq ft with a sales value of Rs 5.68 billion. For H1 FY25, the company recorded 1.73 billion sq ft in sales volumes and Rs 3.63 billion in gross collections for Q2, totalling Rs 6.83 billion for the half year. SPL handed over 580 units in Q2 and over 1,100 units in H1 FY25.

The company secured development rights for two land parcels near Yelahanka and Electronic City in Bengaluru, with a combined development potential of 0.8 million sq ft and an estimated gross development value of Rs 5–6 billion.

SPL reduced its net debt to Rs 4.07 billion by the end of Q2 FY25, maintaining a low debt-equity ratio of 0.31:1. Positive cash flows from operations stood at Rs 6.8 million, while cash before new project investments totalled Rs 3 million. The company invested Rs 3.1 billion in new projects and closed the quarter with cash and equivalents of Rs 1.27 billion. (ET) 

Shriram Properties (SPL) reported a net consolidated loss of Rs 7.9 million for the quarter ended September 30, 2024, compared to a profit of Rs 201.6 million in the same period last fiscal, as per a BSE filing. The company's net consolidated total income dropped 32.93% year-on-year to Rs 1.55 million in Q2 FY25, from Rs 2.31 million in the corresponding quarter last year. Murali M, Chairman and Managing Director, attributed the dip to short-term challenges, noting, “Q2 FY25 witnessed reduced launches, but the long-term prospects for the sector remain positive. Our strong project pipeline, robust execution platform, and cost and quality focus will drive profitable growth. During Q2 FY25, SPL achieved sales volumes of 1.03 million sq ft with a sales value of Rs 5.68 billion. For H1 FY25, the company recorded 1.73 billion sq ft in sales volumes and Rs 3.63 billion in gross collections for Q2, totalling Rs 6.83 billion for the half year. SPL handed over 580 units in Q2 and over 1,100 units in H1 FY25. The company secured development rights for two land parcels near Yelahanka and Electronic City in Bengaluru, with a combined development potential of 0.8 million sq ft and an estimated gross development value of Rs 5–6 billion. SPL reduced its net debt to Rs 4.07 billion by the end of Q2 FY25, maintaining a low debt-equity ratio of 0.31:1. Positive cash flows from operations stood at Rs 6.8 million, while cash before new project investments totalled Rs 3 million. The company invested Rs 3.1 billion in new projects and closed the quarter with cash and equivalents of Rs 1.27 billion. (ET) 

Next Story
Infrastructure Energy

South West Pinnacle Wins Rs 30 Cr Oman Mining Contract

South West Pinnacle Exploration Ltd has secured a Rs 30 crore contract from Minerals Development Oman (MDO) for mining exploration in concession areas 12B and 13.The two-year project will be carried out via Alara Resources LLC, a JV in Oman. MDO, backed by Oman’s investment authorities, focuses on monetising mineral wealth.The contract covers copper, gold, and chromite and highlights South West Pinnacle’s growing footprint in international exploration and mining services. ..

Next Story
Equipment

Godrej GEG Boosts Intralogistics with AI and Green Tech

Godrej Enterprises Group (GEG) is revolutionising warehouse and factory logistics through its Material Handling Equipment and Storage Solutions arms by integrating AI, IoT, and automation.With 20–25% market share and 85% local sourcing, GEG champions Atmanirbhar Bharat and sustainability. The Chennai plant, a green manufacturing leader, uses RoHS-compliant materials and has slashed energy consumption by 60%.GEG serves e-commerce, FMCG, retail, and cold chains with high-performance racking and electric forklifts. Upcoming IoT-enabled forklifts and telematics solutions aim to improve speed, sa..

Next Story
Infrastructure Urban

Amit Shah Inaugurates Key Projects Across Gujarat

Union Home Minister Amit Shah inaugurated and laid the foundation stone for various projects in Gujarat’s Panchmahal district and Ahmedabad.In Godhra, he inaugurated the Center of Excellence building, sports complex, reservoir, and Miyawaki plantation. In Ahmedabad, he unveiled a new cooperative complex in Adaroda village and a primary school in Juwal.These projects, under the Model Co-op Village scheme, aim to boost education, sustainability, and rural development across the state. ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?