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.

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

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 Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Infrastructure Transport

06 Jul 2026

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Infrastructure Transport

06 Jul 2026

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..