Shriram Properties reported a 3 per cent year-on-year increase in net profit at ₹20.2 crore in the second quarter ending September 30, 2023, compared to ₹19.7 crore in the same quarter last year. On a sequential basis, it grew 21 per cent.
Total revenues decreased by 16 per cent y-o-y to ₹2,31.3 crore, but on a sequential basis, it grew by 47 per cent. EBITDA for the quarter reached ₹65.2 crore, marking a 27 per cent y-o-y and a 20 per cent q-o-q growth.
The company’s profit before tax improved 41 per cent y-o-y to ₹25.8 crore, compared to ₹18.3 crore in the same quarter last year. Further, it recorded sales volumes of 1.15 million square feet, a 14 per cent y-o-y growth, and 48 per cent q-o-q increase. Sales values for the quarter amounted to ₹608 crore, a 40 per cent y-o-y and a 32 per cent q-o-q growth, attributed to new phases launched during the quarter, indicating a change in product mix and improved pricing.
During this quarter, the company handed over 470 units and expects to hand over nearly 3,000 units in FY24, with the completion of five key projects and phases during H2 FY24. Murali Malayappan, CMD of Shriram Properties, expressed confidence in the company’s ability to grow rapidly in a consolidating market, focusing on profitable growth, increased efficiency, and superior returns for stakeholders.