NEW DELHI: Shriram Properties (SPL) has reported net consolidated loss after tax of Rs 79 lakh during the quarter ended September 30, 2024. It had registered profit after tax of Rs 20.16 crore in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 155.10 crore in Q2 FY25, a dip of 32.93 per cent from Rs 231.24 crore it recorded in the similar quarter last year.
Murali M, chairman and managing director of the company said, “Q2 FY25 is short-term aberration for the sector that witnessed reduced launches. Long term prospects for the sector remains positive. Our solid project pipeline, a strong execution platform, and our unwavering focus on costs and quality will contribute towards profitable growth even in the future.”
SPL reported quarterly sales volumes of 1.03 million sq ft and sales values of Rs. 568 crore during Q2 FY25. For the half year, SPL has achieved sales volumes of 1.73 million sq ft in H1 FY25. It reported gross collections of Rs 363 crore in Q2 and Rs 683 crore in H1 FY25. SPL handed over 580 units in Q2 and over 1,100 units in H1 FY25.
The company acquired development rights in a land parcel near Yelahanka in North Bengaluru and another near Electronic City, with an aggregate development potential of ~0.8 million sq ft and gross development value of around Rs 500-600 crore.
Net debt reduced further to Rs 407 crore at the end of Q2 and debt-equity ratio stood low at 0.31:1. Cash from operations remained positive at Rs 68 crore, cash flows before new projects investment stood at Rs. 30 crore. SPL made new project investments of Rs 31 crore during Q2 FY25, thereby ending the quarter with cash &
cash equivalents of Rs 127 crore.
