Shriram Properties reported a 2.5-fold jump in consolidated net profit to ₹21.59 crore for the September quarter, compared with ₹8.57 crore a year earlier. The realty developer’s total income also increased to ₹272.25 crore during the quarter.
New Delhi, November 13 — Real estate developer Shriram Properties Ltd reported a 2.5-fold increase in consolidated net profit to ₹21.59 crore for the September quarter, supported by higher income during the period.
The company had posted a consolidated net profit of ₹8.57 crore in the corresponding quarter of the previous financial year.
Total income increased to ₹272.25 crore during the second quarter, compared with ₹229 crore in the same period a year earlier, according to a regulatory filing.
Half-year profit rises to ₹32.63 crore
Shriram Properties also reported an improvement in its financial performance during the first six months of the current fiscal year.
The company’s consolidated net profit for the April-September period increased to ₹32.63 crore, compared with ₹29.16 crore in the corresponding six-month period of the previous financial year.
The increase indicates continued profitability for the residential real estate developer during the first half of the fiscal.
Total income reaches ₹543.29 crore
Total income during the April-September period also registered growth.
The company’s income increased to ₹543.29 crore in the first six months, compared with ₹490.55 crore during the corresponding period of the previous year.
This represents an increase of around ₹52.74 crore on a year-on-year basis.
The September-quarter performance, however, showed a much sharper increase in profitability, with quarterly net profit rising more than two-fold from the year-ago period.
Focus on four major property markets
Shriram Properties is primarily focused on India’s residential real estate sector.
Its key markets include Bengaluru, Chennai, Pune and Kolkata, giving the company exposure to some of the country’s major urban housing markets.
The developer has completed 53 projects over the past 26 years, according to the company.
These delivered projects represent a combined saleable area of 33.5 million square feet.
Development pipeline at 33.2 million sq ft
Shriram Properties also has a sizeable pipeline of projects for future development.
Its total development pipeline currently stands at 33.2 million square feet.
Of this, 15.5 million square feet comprises ongoing projects.
The latest quarterly results show stronger earnings and income for the developer as it continues to execute its residential project pipeline across its key markets.
