Shriram Properties Targets 25% Sales Growth in FY24

14 Jun 2023 CW Team

According to Shriram Properties' CMD M Murali, the real estate company is aiming for a 25% increase in sales bookings from a record Rs 1,846 crore last fiscal due to high home demand.

M Murali, the company's chairman and managing director, noted that demand for housing has been strong in all price ranges, enabling it to establish record sales bookings for the 2022–23 fiscal year.

Due to larger volumes, better realisation, and a change in product mix, Shriram Properties recorded an all-time high in sales bookings of Rs 1,846 crore last fiscal, up 25% from Rs 1,482.4 crore the previous year.

Asked about the target of sales bookings for this fiscal, Murali said, "We are looking at about 20 per cent growth in volume terms and 25 per cent growth in value."

Sales volumes of 4.02 million square feet, a new record, were achieved in the most recent fiscal year as opposed to 3.8 million in 2021–2022.

During the most recent fiscal year, the average yearly sales realization increased 8% annually.

To meet the growing demand for housing, the company would start a number of housing projects this fiscal year, he continued. "Market is really good. There has been a very good demand for the mid-income and affordable segment. So, I expect the demand to continue for 3-5 years comfortably due to various factors. Macroeconomic situation is very good and the overall stability in the country is good," Murali said.

He noted that the real estate market is growing in a remarkable pace thanks to a steady expansion across all businesses.

In terms of financial performance, the firm's net profit increased by over four times, reaching Rs 68.2 crore last fiscal year from Rs 18.03 crore the year before.

From Rs 517.8 crore in the fiscal year 2021–2022, total income increased to Rs 813.92 crore in the most recent fiscal.

One of South India's top residential real estate development firms is Bengaluru-based Shriram Properties, which went public on stock exchanges in December 2021. Through its Initial Public Offering (IPO), it had raised about Rs 600 crore.

Shriram Properties' key markets include Bengaluru, Chennai, and Kolkata, which account for almost 85 percent of its development activity.

Shriram Properties has completed 36 projects to date, the most of which have been in Bengaluru and Chennai. It is now working on 26 projects/phases and has another 25 in the works.

According to Shriram Properties' CMD M Murali, the real estate company is aiming for a 25% increase in sales bookings from a record Rs 1,846 crore last fiscal due to high home demand. M Murali, the company's chairman and managing director, noted that demand for housing has been strong in all price ranges, enabling it to establish record sales bookings for the 2022–23 fiscal year. Due to larger volumes, better realisation, and a change in product mix, Shriram Properties recorded an all-time high in sales bookings of Rs 1,846 crore last fiscal, up 25% from Rs 1,482.4 crore the previous year. Asked about the target of sales bookings for this fiscal, Murali said, We are looking at about 20 per cent growth in volume terms and 25 per cent growth in value. Sales volumes of 4.02 million square feet, a new record, were achieved in the most recent fiscal year as opposed to 3.8 million in 2021–2022. During the most recent fiscal year, the average yearly sales realization increased 8% annually. To meet the growing demand for housing, the company would start a number of housing projects this fiscal year, he continued. Market is really good. There has been a very good demand for the mid-income and affordable segment. So, I expect the demand to continue for 3-5 years comfortably due to various factors. Macroeconomic situation is very good and the overall stability in the country is good, Murali said. He noted that the real estate market is growing in a remarkable pace thanks to a steady expansion across all businesses. In terms of financial performance, the firm's net profit increased by over four times, reaching Rs 68.2 crore last fiscal year from Rs 18.03 crore the year before. From Rs 517.8 crore in the fiscal year 2021–2022, total income increased to Rs 813.92 crore in the most recent fiscal. One of South India's top residential real estate development firms is Bengaluru-based Shriram Properties, which went public on stock exchanges in December 2021. Through its Initial Public Offering (IPO), it had raised about Rs 600 crore. Shriram Properties' key markets include Bengaluru, Chennai, and Kolkata, which account for almost 85 percent of its development activity. Shriram Properties has completed 36 projects to date, the most of which have been in Bengaluru and Chennai. It is now working on 26 projects/phases and has another 25 in the works. See also: Shriram Properties' net profit dips 75.60%Shriram Properties Acquires Chennai Project, Eyes Strong Growth