Real estate firm Shriram Properties reported a 32% rise in consolidated net profit to ₹20.18 crore for the March quarter on higher earnings. The net profit was ₹15.25 crore in the corresponding period of the previous year.
Total revenue rose to ₹358.37 crore in the fourth quarter of the last financial year from ₹170.98 crore in March FY23, Wednesday’s filing showed.
For the fiscal year 2023-24, net profit rose to ₹75.43 crore from ₹65.97 crore in the previous year.
Total revenue rose to ₹987.35 crore in the last financial year from ₹813.93 crore in financial year 2022-23.
Murali M., CMD, Bengaluru-based Shriram Properties, said, “With our robust market presence and the success of our strategic initiatives, we are confident of maintaining our growth and profitability in the coming years.” “Our hearty go-to-market plan, hearty execution platform, combined with our continued focus on cost management and commitment to quality will support this goal,” he added.
Shriram Properties is one of the leading real estate development companies in South India with a major focus on mid-range and affordable housing.
Its key markets are Bengaluru, Chennai and Kolkata. The company has completed 44 projects with a sales area of 24.4 million square feet, mainly in Bengaluru and Chennai.
Shriram Properties has a wide portfolio of development projects comprising 42 projects with a total development potential of 42.1 million square feet as of March 31, 2024.
The company, which is part of the Shriram Group, conducted an initial public offering and became a listed company in December 2021.
