August 8, 2023: Peninsula Land (PLL), a part of the Ashok Piramal Group, has released its financial results for the June quarter. The company reported a consolidated profit after tax (PAT) of Rs 60 crore, marking a 362% increase compared to the same period in the previous year. This surge in profits follows PLL’s achievement of an annual profit of Rs 101 crore for FY23.
The Q1 FY24 results showcase PLL’s financial performance, with revenue amounting to Rs 188 crore. Additionally, the company has reduced its consolidated debt to Rs 339 crore as of June 30, 2023, compared to Rs 727 crore as on June 30, 2022.
Rajeev Piramal, vice Chairman and managing director of Peninsula Land, said, “Our performance in the first quarter aligns with our FY24 forecasts. The strong demand for thoughtfully designed homes, inclusive amenities and efficient space utilisation remains high among consumers. We have provided around 617 flats for possession in FY23 across Mumbai, Pune and Bangalore and we are actively working on delivering over 1,500 apartments and plots in FY24.We are also exploring avenues for the company’s next phase of growth. This includes launching new developmental phases within our existing land parcels and expanding our land portfolio through collaborative joint development strategies.”
Peninsula Land has projects spanning Mumbai, Pune, Bangalore, Lonavala, Nashik and Goa. To date, Peninsula Land has delivered over 10.6 million sqft of real estate across key Indian cities.
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