Shriram Properties Net Profit Rises Amid Strong Project Growth
Shriram Properties, a prominent real estate developer in India, reported a 5% increase in its consolidated net profit for the quarter ending in June. The Shriram Properties net profit rose to ₹17.46 crore, compared to ₹16.62 crore in the same period last year, driven by higher income. The company’s total income increased significantly to ₹210.90 crore from ₹157.17 crore in the previous year, as per a regulatory filing.
During the first quarter of this fiscal year, Shriram Properties achieved sales volumes of 0.70 million square feet and sales values amounting to ₹376 crore. The company also announced key executive appointments, with Ravindra Kumar Pandey being named Chief Financial Officer and Rajesh Yashwant Shirwatkar elevated to Deputy Chief Financial Officer.
Murali M, Chairman and Managing Director of Shriram Properties, expressed confidence in the company’s growth trajectory, citing a robust market presence and successful strategic initiatives. He emphasized that the Shriram Properties net profit growth is supported by a solid project pipeline, strong execution capabilities, and a focus on cost and quality as key drivers for future profitable growth.
Shriram Properties is a leading player in the Indian real estate sector, with a strong presence in key markets such as Bangalore, Chennai, and Kolkata, which together account for approximately 85% of its development activities. The company has finalized 44 projects, providing a saleable area of 24.4 million square feet, mainly in Bengaluru and Chennai.As of June 30, 2024, Shriram Properties has a substantial development pipeline of 42 projects with a total development potential of 42.1 million square feet, further contributing to the Shriram Properties net profit outlook.
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