Shares of Shriram Properties opened 2.3 percent higher on August 21, after Bangalore-based real estate firm Sammy's Dreamland has sold 0.6 percent stake in the realty developer on August 18.
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Bangalore-based real estate firm Sammy's Dreamland sold 10.23 lakh equity shares or 0.6 percent stake in Shriram Properties at an average price of Rs 73.46 per share. The real estate firm previously held a 1.33 percent stake in the company (as of June 2023).
Read more: Shriram Properties Q1 results: Profit up 59% at Rs 16.6 crore
In its recently released Q1FY24 results, Shriram Properties reported a 59 percent year-on-year growth in consolidated net profit to Rs 16.6 crore in the June quarter. Revenue declined by 7.91 percent to Rs 157.14 crore from the year before quarter. Earnings before interest, taxes, depreciation and amortisation (EBITDA) declined by 17.03 percent to Rs. 14.47 crore in June 2023.
In a recent interview with CNBC-TV18, Shriram Properties’ executive director and group chief financial officer Gopal Krishnan anticipated that their upcoming launches will serve as catalysts for growth, contributing significantly to sales figures over the course of the next few quarters. Shriram Properties will be launching “5.7 million square feet of saleable area” in FY2024.
Read more: Shriram Group to exit Shriram Properties by selling stake to CEO Murali
Chennai-based Shriram Properties is a South India-based real estate developer with a focus on mid-market and affordable housing. On July 19, Moneycontrol reported that the Chennai-based non-banking financial conglomerate Shriram Group has decided to exit Shriram Properties. According to the report, the group will sell its stake to M Murali, the chief executive officer of the property company. There has been no official announcement on this yet.
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