Shriram Properties Ltd., a leading real estate developer, reported a strong performance in Q4FY24 and FY24, driven by the successful completion and revenue recognition of several key projects.
Q4FY24 Financial Highlights:
Total Revenues: More than doubled to ₹358 crore
EBITDA: Grew by 45% YoY to ₹66 crore
Net Profit: Increased by 28% YoY to ₹20 crore
FY24 Financial Highlights:
Total Revenues: Grew by 21% YoY to ₹987 crore
EBITDA: Increased by 22% YoY to ₹223 crore
EBITDA Margins: Remained stable at 23%
Interest Expenses: Remained flat at ₹74 crore, despite additional costs associated with the re-acquisition of a JV economic interest in Shriram Park63 from Mitsubishi Corporation during Q3FY24.
Key Growth Drivers:
Successful Completion and Revenue Recognition: Projects like Shriram Liberty Square (Bangalore), Shriram Park 63 - 1B (Chennai), Shriram Chirping Woods T5 (Bangalore), and Shriram Grand One (Kolkata) contributed significantly to the revenue growth.
Strong Sales Momentum: The company witnessed sustained demand for its projects, leading to a healthy increase in sales.
Focus on Affordable and Mid-Income Housing: Shriram Properties' focus on affordable and mid-income housing segments has been instrumental in driving its growth.
Management Commentary:
The management expressed confidence in the company's future prospects, citing the positive market dynamics and strong project pipeline. They aim to sustain profitable growth and deliver superior returns to stakeholders.
For further information, you can refer to:
ICICI Direct Analysis: https://www.icicidirect.com/research/equity/rapid-results/shriram-properties-ltd
5paisa Share Price: https://www.5paisa.com/stocks/shrirampps-share-price
Shriram Properties Investor Relations: https://www.shriramproperties.com/annual-report
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