Shriram Properties reported 30% decline in consolidated net profit at Rs 13 crore as compared to Rs 18.5 crore in the same period last year.
The consolidated revenue also fell by 25% to Rs 180 crore in Q3 FY25 as compared to Rs 240.6 crore in the same period last year.
The company recorded 14% growth in sales at Rs 670 crore in Q3 FY25 while collections rose by 4% to Rs 346 crore. The company sold 1.26 million sq. ft. during this period.
“Overall encouraging sales performance, viewed in the context of external-led challenges for the second consecutive quarter that resulted in deferred launches,” the company said in a regulatory filing.
The company is to grow strongly in Q4, on the back of new launches in Pune and Bangalore, it added.
The Company said it concluded 3 new projects during Q3.
“SPL acquired development rights in a land near Yelahanka in North Bangalore, a land near Electronic City, Bangalore and a land parcel in Koyambedu, Chennai with an aggregate development potential of ~1.1 msf and gross development value of around Rs 850-1,000 crores.”
The Company said it is focused on near doubling of its new project pipeline over the next 12-18 months.
Murali M, CMD, Shriram Properties said: “Our quarterly performance is masked by certain short term challenges, but underlying trends are encouraging. We are firmly back on track with new launches and handovers. Our strategic initiatives, backed by a solid project pipeline and an exceptional execution platform, will enable us to sustain growth and fulfill our commitments. With an unwavering focus on timely delivery and quality, we are well positioned to drive profitable growth in the years ahead.”
The company said it is committed towards its medium-term growth targets and is working towards stronger project pipeline, exciting new launches and faster execution, overcoming short term challenges that may come in our way.
“We remain confident in delivering successful projects and driving robust growth in the near term as well. Our continued focus on timely project completions, seamless handovers, and steady revenue recognition will accelerate our growth momentum. We are committed to sustaining our upward trajectory and creating lasting value for all stakeholders.”
Shriram Properties Ltd has delivered 48 projects with a saleable area of 26.5 msf, mostly in Bengaluru and Chennai and in recent years at Kolkata. SPL has a strong development pipeline comprising of 37 projects with an aggregate development potential of 38.4 msf, as of December 31, 2024.
