Shriram Properties Q2 profit at Rs 19.59 cr; revenue jumps nearly 3-fold to Rs 275.83 cr

Realty firm Shriram Properties Ltd on Tuesday reported a consolidated net profit of Rs 19.59 crore for the quarter ended September 30, 2022.

The company, which is one of the leading realty firms in South India, had posted a net loss of Rs 23.27 crore in the year-ago period.

Total income jumped nearly three fold to Rs 275.83 crore in the second quarter of 2022-23 fiscal year, from Rs 94.23 crore in the corresponding period of the previous year, Shriram Properties said in a regulatory filing.

Murali M, Chairman and Managing Director of Shriram Properties, said: ''We are encouraged by the strong operational and financial growth as well as sustained earnings growth momentum seen since listing. This is reassuring and demonstrates the strength of our team and the operating platform.'' He said the company would remain focused on profitable growth by leveraging the strong project pipeline and market opportunities.

''Improving operating leverage and stabilised DM (development management) business model should add further strength. We believe we are on the right path to delivering superior shareholder value in the coming years,'' said Murli.

Shriram Properties Ltd primarily focuses on the mid-market and affordable housing categories.

Its key markets include Bangalore, Chennai and Kolkata which together account for over 88 per cent of its development activities.

The company has delivered 33 projects with saleable area of 19.5 million square feet, mostly in the cities of Bengaluru and Chennai.

It has a strong development pipeline comprising 54 projects with aggregate development potential of 54 million square feet, as of September 30, 2022.

Shriram Properties, which is part of the Shriram Group, got listed on the stock exchanges in December last year.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)