Shriram Properties sess 58.74% growth in Q1 FY24 net profit
Real Estate

Shriram Properties sess 58.74% growth in Q1 FY24 net profit

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.

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.

Next Story
Infrastructure Urban

India To Invest $37 Billion To Boost Petrochemical Capacity

India is set to become a major global player in the petrochemicals industry, driven by a planned capital expenditure of $37 billion (Rs 3.1 trillion) aimed at reducing import dependency and enhancing self-sufficiency, according to S&P Global Ratings.In its latest report titled “First China, Now India: Self-Sufficiency Goals Will Add To Petrochemicals Supply”, S&P said India’s large-scale capacity expansion—mirroring China’s earlier push—will likely intensify oversupply pressures in Asia’s petrochemical markets.Currently the world’s third-largest petrochemical consumer a..

Next Story
Infrastructure Transport

Indian Railways Expands Global Exports Of Rail Equipment

Indian Railways has announced that it is rapidly emerging as a global exporter of railway equipment, including bogies, coaches, locomotives, and propulsion systems, under the government’s ‘Make in India, Make for the World’ initiative.According to an official statement, India’s railway products are now reaching over 16 international markets, reflecting the country’s growing capacity to design, develop, and deliver world-class rail solutions.Metro coaches have been exported to Australia and Canada; bogies to the United Kingdom, Saudi Arabia, France, and Australia; propulsion systems t..

Next Story
Infrastructure Transport

RailTel Awards Rs 163 Million Contract To RTNS Technology

RailTel Corporation of India Limited (RailTel), a Mini Ratna Public Sector Undertaking, has awarded a domestic work order worth Rs 163 million to RTNS Technology Private Limited.The contract, issued on 30 September 2025, involves the supply and installation of equipment and related services for one of RailTel’s key customers. The project underscores RailTel’s commitment to advancing technology and communication infrastructure through collaboration with domestic system integrators.RTNS Technology Private Limited, an ISO-certified system integrator, provides comprehensive solutions for perim..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?