Shriram Properties sess 58.74% growth in Q1 FY24 net profit

16 Aug 2023 CW Team

During Q1 FY24, the net consolidated total income of the company reached Rs 157.17 billion, marking an 8.31% increase from Rs 145.11 billion recorded in the same quarter the previous year.

M Murali, the chairman and managing director of SPL, stated that the company aims to complete and deliver more than 10 million sq ft within the next three years. He expressed confidence in maintaining margins and profitability in the upcoming quarters through sustained revenue recognition and cost management.

The board of directors approved the appointment of Ashish P Deora as additional director, who is the founder of Aurum Ventures, the parent company of Aurum PropTech. Aurum recently acquired 14.37% equity capital in Shriram Properties.

During Q1 FY24, SPL achieved sales volumes of 0.78 million sq ft (+17% YoY) and sales values of Rs 459 billion (+47% YoY). The plotted development share was ~21%, while the DM model constituted 12% of sales volumes. The blended average realization for constructed units was higher at Rs 5,463 per sq ft in Q1 FY24 compared to Rs 4,694 per sq ft in Q1 FY23 (+16% YoY). Plotted unit realization averaged Rs 3,045 per sq ft.

Operating expenses decreased 5% YoY to Rs 103.8 billion, with lower cost of revenues and employee costs. SPL expects the cost of debt to decrease to ~11.5% levels in Q2 FY24. The company's gross debt decreased 12% to Rs 488 billion, while net debt was Rs 403 billion as of June 2023.

SPL-ASK Co-investment Platform's second investment, Shriram 122 West, is set to be completed by August 2023 with an investment of about Rs 205 billion. The platform has utilized 60% of its committed capital and is exploring further investment opportunities in FY24.

Shriram Properties (SPL) has announced a substantial 58.74% growth in its net consolidated profit for the quarter ending June 30, 2023. The company reported a profit after tax of Rs 16.62 billion in Q1 FY24, compared to Rs 10.47 billion in the corresponding quarter of the previous fiscal, according to a BSE filing.During Q1 FY24, the net consolidated total income of the company reached Rs 157.17 billion, marking an 8.31% increase from Rs 145.11 billion recorded in the same quarter the previous year.M Murali, the chairman and managing director of SPL, stated that the company aims to complete and deliver more than 10 million sq ft within the next three years. He expressed confidence in maintaining margins and profitability in the upcoming quarters through sustained revenue recognition and cost management.The board of directors approved the appointment of Ashish P Deora as additional director, who is the founder of Aurum Ventures, the parent company of Aurum PropTech. Aurum recently acquired 14.37% equity capital in Shriram Properties.During Q1 FY24, SPL achieved sales volumes of 0.78 million sq ft (+17% YoY) and sales values of Rs 459 billion (+47% YoY). The plotted development share was ~21%, while the DM model constituted 12% of sales volumes. The blended average realization for constructed units was higher at Rs 5,463 per sq ft in Q1 FY24 compared to Rs 4,694 per sq ft in Q1 FY23 (+16% YoY). Plotted unit realization averaged Rs 3,045 per sq ft.Operating expenses decreased 5% YoY to Rs 103.8 billion, with lower cost of revenues and employee costs. SPL expects the cost of debt to decrease to ~11.5% levels in Q2 FY24. The company's gross debt decreased 12% to Rs 488 billion, while net debt was Rs 403 billion as of June 2023.SPL-ASK Co-investment Platform's second investment, Shriram 122 West, is set to be completed by August 2023 with an investment of about Rs 205 billion. The platform has utilized 60% of its committed capital and is exploring further investment opportunities in FY24.

Infrastructure Transport

12 Mar 2026

Kavach 4.0 Commissioned on Delhi–Mumbai and Delhi–Howrah

"Kavach version four has been commissioned on 1,452 route km, covering the high density Delhi–Mumbai and Delhi–Howrah corridors. The rollout included laying 8,570 km of optical fibre, installation of 1,100 telecom towers, deployment of trackside equipment over 6,776 RKm and establishment of 767 station data centres. Trackside implementation has been taken up on 24,427 RKm covering Golden Quadrilateral, Golden Diagonal and High Density Network sections. The programme aims to strengthen signalling and train protection on key routes.Kavach is an indigenously developed automatic train protecti..

Infrastructure Transport

12 Mar 2026

Railways Advance Kalyan–Murbad Line And Mumbai Capacity Expansion

"Indian Railways is advancing multiple rail infrastructure projects in Maharashtra, including the sanctioned Kalyan–Murbad new line and sizable investments under the Mumbai Urban Transport Project and the Mumbai–Ahmedabad High Speed Rail project. The Kalyan–Murbad 28 km new line has been sanctioned at Rs 8.36 billion (bn) on a 50:50 cost-sharing basis with the Government of Maharashtra and has been declared a Special Railway Project for land acquisition; proposals covering 214 hectares are at various stages of acquisition. Budgetary outlay for projects falling fully or partly in Maharash..

Infrastructure Urban

12 Mar 2026

Parliamentary Panel Flags Funding Gaps in Heavy Industries

"The Department-Related Parliamentary Standing Committee on Industry (Rajya Sabha) presented its 332nd report on the Demands for Grants 2026-27 of the Ministry of Heavy Industries (MHI). Figures converted from crore and lakh are expressed in million (mn). The Budget Estimates 2026-27 for the Ministry stand at Rs 79,399 mn against a projected requirement of Rs 94,843.2 mn, a shortfall of about 16 per cent, with revenue at Rs 79,370.8 mn and capital compressed to Rs 28.2 mn from Rs 5,020 mn.The committee flagged recurring BE-to-RE compression and declining revised estimate utilisation, and calle..