February 8, 2024: Real estate developer Peninsula Land recorded a consolidated Profit After Tax (PAT) of about Rs 103 crore for the nine-month period ending December 31, 2023, a 125% increase over a similar period last year, according to the financial results announced by the company for the quarter.
The consistent focus on debt reduction resulted in an overall debt reduction of 57% to Rs 248 crore, which largely consists of LRD debt backed up by a steady rental income from a leased commercial asset.
Rajeev Piramal, vice chairman and managing director, Peninsula Land Limited, said, ” Our strategic initiatives to reduce debt, complete our obligations to all the stakeholders and raise fresh capital to fuel further growth have all yielded great outcomes which is reflecting in our financial results as well. Our core market of MMR is undergoing a strategic change with focus shifting from development to re-development, primarily aided by the scarcity of land parcels for fresh development and various societies/land parcels opting to go for the redevelopment route by leveraging the additional incentives/opportunities offered by DP 2034. We have been able to raise fresh capital in the last quarter to enable us to leverage these opportunities and propel us towards future growth.”
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