Shriram Properties profit up 32% in Jan-Mar to Rs 20 crore

Realty firm Shriram Properties reported a 32 per cent increase in consolidated net profit to Rs 20.18 crore for the March quarter on higher income.

Its net profit stood at Rs 15.25 crore in the year-ago period.Total income rose to Rs 358.37 crore in the fourth quarter of the last fiscal from Rs 170.98 crore in the March quarter of FY23, according to a regulatory filing on Wednesday.

During the 2023-24 fiscal year, the net profit rose to Rs 75.43 crore from Rs 65.97 crore in the preceding year.

Total income grew to Rs 987.35 crore in the last fiscal from Rs 813.93 crore in the 2022-23 financial year.

Murali M, CMD of Bengaluru-based Shriram Properties, said, "Supported by our strong market presence and success of strategic initiatives, we are confident of sustaining growth and profitability in the coming years." "Our robust launch pipeline, strong execution platform coupled with continued focus on cost management and commitment to delivering quality will support towards this end," he added.

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

Its key markets include Bengaluru, Chennai, and Kolkata. 

The company has delivered 44 projects with a saleable area of 24.4 million sq ft, mostly in Bengaluru and Chennai. Shriram Properties has a strong development pipeline comprising 42 projects with an aggregate development potential of 42.1 million sq ft as of March 31, 2024.

The company, part of the Shriram Group, made its initial public offering and became a publicly traded company in December 2021.