Peninsula Land reports Rs 101 crore profit, revenue up by 130%

The Profit After Tax also turned positive in FY22-23 , increasing to Rs 101 crore versus a loss of Rs 108 crore in FY21-22.

Listed real estate company Peninsula Land Limited on May 31 announced its fourth quarter results, reporting a 46 percent increase in total revenue at Rs 151 crore, versus Rs 104 crore during the same period in 2022.

For the year ended March 31, 2023, the total revenue increased by 130 percent to Rs 1,039 crore versus Rs 452 crore for the year ended March 31, 2022. The Profit After Tax (PAT) also turned positive in FY22-23 , increasing to Rs 101 crore versus a loss of Rs 108 crore in FY21-22.

As on March 31, 2023, the consolidated debt stands reduced to Rs 424 crore against a peak of Rs 2,373 crore on March 31, 2019. The reduced debt position will further enable the growth of the company, it said in a statement.

“The real estate industry has undergone a significant transformation over the past few years, with issues like debt overhang, sluggish sales, cost escalations, and a lack of price appreciation. However, developers with a customer-centric mindset and strong brand ethos have been able to weather the storm and are now well-positioned. Peninsula Land is a company that has a strong brand promise and is confident in its capacity to execute iconic projects and generate value for all of its stakeholders," said Rajeev Piramal, VC & MD, Peninsula Land Limited.

"Despite the difficulties caused by the Covid crisis, the company has sold about 2.4 million square feet over the past five years, offered possession of about 700 residences across the affordable, luxury, and ultra-luxury product groups, and decreased debt by over 80 percent. Additionally, the business plans to provide over 1000 homebuyers possession in FY24,"  he added.