Latest News | Shriram Properties Q2 Profit at Rs 19.59 Cr; Revenue Jumps Nearly 3-fold to Rs 275.83 Cr
Get latest articles and stories on Latest News at LatestLY. Realty firm Shriram Properties Ltd on Tuesday reported a consolidated net profit of Rs 19.59 crore for the quarter ended September 30, 2022.
New Delhi, Nov 15 (PTI) 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.
Also Read | France Squad for FIFA World Cup 2022 in Qatar: Team FRA Schedule & Players to Watch Out For in Football WC.
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.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)