Bengaluru-based real estate developer Shriram Properties has posted a net profit of Rs 20.2 crore in Q2, marginally up by three percent from last year, according to a regulatory filing on November 10.
Its revenue fell 16 percent to Rs 231.3 crore in the second quarter from Rs 275.9 crore in Q2 FY23.
The company sold 1.15 million square feet (msf) with a sales value of Rs 608 crores, up by 40 percent YoY.
Gross collections stood strong at Rs 430 crore in Q2 FY24, up by 37 percent YoY. Consequently, aggregate gross collections rose to the highest-ever half-yearly collection levels of Rs 721 crore, up by 13 percent YoY in H1 of FY24.
The company handed over 470 units during Q2, pushing aggregate customer handover to 830 units during H1FY24. "The company is on track to handover nearly 3,000 units in FY24, supported by targeted completion of 5 key projects/phases during H2 FY24," it added.
During the quarter, SPL launched two new phases in ongoing projects Shriram Imperial Heights, premium towers in Shriram 107 South East and Sovereign Plots in Shriram Pristine Estate.
The company also pre-launched Shriram Paradiso, msf residential project in Chennai, towards the end of September 2023. SPL said it is on track to pursue three new launches during Q3 FY24.
It added that the company intends to complete and deliver over 7 msf over the next two years.
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