NEW DELHI: Shriram Properties (SPL) has reported a decline of 29.82 per cent in its net consolidated profit during the quarter ended December 31, 2024. Its profit after tax stood at Rs 12.97 crore in Q3 FY25 as against Rs 18.48 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 179.87 crore in Q3 FY25, a dip of 25.23 per cent from Rs 240.57 crore it recorded in the similar quarter last year.
Murali M, chairman and managing director of the company said, “Our quarterly performance is masked by certain short term challenges, but underlying trends are encouraging. We are firmly back on track with new launches and handovers. Our strategic initiatives, backed by a solid project pipeline and an exceptional execution platform, will enable us to sustain growth and fulfill our commitments.”
During the current quarter, the holding company has sold its investment in equity shares and optionally convertible debentures of its wholly-owned subsidiary SPL Shelters for a consideration of Rs 93 crore, and has recorded in statement of profit and loss realised capital gain of Rs 5.09 crore and realised interest of Rs 35.93 crore on loan given to the wholly owned subsidiary.
SPL reported quarterly sales volumes of 1.26 million sq ft (14% year-on-year) and sales values of Rs 670 crores (14% year-on-year) in Q3 FY25. It achieved sales volumes of three million sq ft in 9M FY25 and are set to grow strongly in Q4, on the back of new launches in Pune and Bengaluru.
Gross collections were stable at Rs 346 crore in Q3 FY25 and Rs 1,030 crore for 9M FY25.
On the business development front, the company concluded three new projects during Q3 FY25. SPL acquired development rights in a land near Yelahanka in North Bengaluru, a land near Electronic City and a land parcel in Koyambedu, Chennai with an aggregate development potential of about 1.1 million sq ft and gross development value of around Rs 850-1,000 crore. The company is focused on near doubling of its new project pipeline over the next 12-18 months.
Net debt dropped to Rs 401.0 crore at the end of Q3 FY25, and net debt-equity ratio stood at 0.31:1.
