Shriram Properties posts Rs 7.9 million net loss in Q2 FY25

18 Nov 2024 CW Team

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)

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