Shriram Properties' net profit dips 75.60%

In the three months that ended on March 31, 2023, Shriram Properties (SPL)'s net consolidated profit fell by 75.60%. The company reported in a BSE filing that its profit after tax decreased from 648.3 million in the same quarter of the previous fiscal to 158.2 million in the fourth fiscal quarter of this year. Net consolidated total income for the company was 1709.7 million in the fourth fiscal quarter of FY23, down 27.71 percent from the 2365.2 million it reported in the same period last year. According to M Murali, the company's chairman and managing director, FY23 earnings turnaround is positive and we are confident of continuing increase in earnings and profitability. SPL reported sales volumes of 4.02 million square feet and a $1,8460 million dollar value for FY23. The business has managed to maintain sales momentum throughout the quarters, despite two launches being postponed to FY24 and two launches being delayed from Q3 to end-Q4.