Shriram Properties Q2 results: Sales bookings up 40% to Rs 608 crore on strong housing demand

Realty firm Shriram Properties Ltd has clocked 40 per cent growth in its sales bookings to Rs 608 crore in the second quarter of this fiscal year on better demand for its housing projects. Its sales bookings stood at Rs 435 crore in the year-ago period.

According to an investors' presentation, Shriram Properties sales bookings grew 14 per cent to 1.15 million sq ft during the July-September period of this fiscal from Rs 1.01 million sq ft in the corresponding period of the previous year.

Shriram Properties attributed the growth in bookings value to strong sustenance sales in ongoing projects and contribution from new phases launched during the July-September quarter.

Higher sales values reflect the change in product mix and improved pricing, it said.

In the first six months of the ongoing fiscal, Shriram Properties Ltd achieved sales volumes of 1.9 million sq ft -- up 14 per cent year-on-year (y-o-y) -- and sales values of Rs 1,066 crore -- up 43 per cent y-o-y.

"We are encouraged by the continuing strong performance that exhibit consistent and remarkable growth trajectory," Shriram Properties CMD Murali Malayappan said.

He expressed confidence to sustain growth momentum.

"The strong positive under-current in the markets and our demonstrated ability to grow rapidly in a consolidating environment will add further strength. We remain focused on ensuring profitable growth with increased efficiency and superior returns for our stakeholders," he said.

Shriram Properties Ltd (SPL) is one of south India's leading residential real estate development companies, primarily focused on the mid-market and affordable housing categories.

SPL's key markets include Bengaluru, Chennai, and Kolkata, together accounting for nearly 85 per cent of its development activities.

The company has delivered 40 projects with a saleable area of 22.4 million sq ft, mostly in Bengaluru and Chennai.

It has a strong development pipeline comprising 49 projects with an aggregate development potential of 51.1 million sq ft as of September 30, 2023.