NEW DELHI: Peninsula Land, a part of the Ashok Piramal Group, has reported a growth of 163.70 per cent in its net consolidated profit during the quarter ended December 31, 2023. Its profit after tax stood at Rs 32.62 crore in Q3 FY24 as against Rs 12.37 crore it registered 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 144.81 crore in Q3 FY24, a dip of 43.50 per cent from Rs 256.31 crore it recorded in the similar quarter last year.
Rajeev Piramal, vice chairman and managing director of the company said, “Our strategic initiatives to reduce debt, complete our obligations to all the stakeholders and raise fresh capital to fuel further growth have all yielded great outcomes which is reflecting in our financial results as well.”
During the quarter ended December 31, 2023, the parent company has issued and allotted by way of a preferential issue to an entity belonging to the promoter group, 1,50,00,000 fully paid up equity shares (face value Rs. 2 per share) at Rs. 44 per share and 77,27,000 fully paid up 0% unsecured compulsorily convertible debentures of face value Rs. 44 each. convertible into equity shares on April 16, 2025 in the ratio of 1:1 at a conversion price of Rs. 44 per share.
The consistent focus on debt reduction resulted in the overall debt reduction by 57% to Rs 248 crore which largely consists of LRD debt backed up by a steady rental income from a leased commercial asset.
