Peninsula Land profit after tax up by 112% YoY in H1 FY24

Dhwani Meharchandani

6 months ago

Peninsula Land profit after tax up by 112% YoY in H1 FY24

November 8, 2023: Real estate developer Peninsula Land today announced its financial results for the second quarter of financial year 2023-24 (Q2 FY24) ended September 30, 2023. The company’s debt as on September 30, 2023, reduced by 57% as compared to September 2022. This debt reduction translated into a profit after tax (PAT) of Rs 70.77 crore in H1 FY24, marking growth of 112% from H1 FY23. Moreover, the developer has delivered over 850 apartments in the first six months of FY24.

Rajeev Piramal, vice chairman and managing director of Peninsula Land, said, “Delivering on our brand promise by focusing on efficient project execution and debt reduction through strategic initiatives have been the two key focus areas for us. Our performance in these two areas is clearly reflected in the numbers over the last 4.5 years, wherein we have handed over 1,800 units to customers and have reduced our consolidated debt by approx Rs 2,240 crore. With over 90% reduction in debt and after establishing a track record of delivering multiple projects across multiple cities in the same year, we believe that the company is well positioned for strong future growth”.

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Dhwani Meharchandani

Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
Email: dhwani.meharchandani@housing.com

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