May 30, 2023: Real estate developer Shriram Properties recorded a sales volume of 4.02 million square foot (msf) in FY23, the company said in a regulatory filing on Tuesday. The sales value grew by 25% YoY to Rs 1,846 crore. The company achieved gross collections was Rs 1,200 crore.
The company’s sales during Q4 were 1.31 msf, which grew by 26% QoQ and 12% YoY whereas the gross collections rose 24% QoQ to Rs 307 crore in Q4FY23.
The average realisation for mid-market units was higher by 14% YoY at around Rs 6,000 per square foot (sqft), while that of affordable housing units increased by 10% YoY to around Rs 4,500 per sqft in FY23. The average realisation for plots stood at Rs 2,900 per sqft in FY23, compared to Rs 2,582 per sqft in FY22, reflecting the changed geographical mix of plots sold during the year.
According to the official release, the total revenues witnessed a growth of 57% YoY and stood at Rs 814 crore in FY23.
The earnings before interest, taxes, depreciation and amortization (EBITDA) stood at Rs 183 crore in FY23 while the EBITDA margins was 22%. The company’s finance costs were lower by 11% YoY with the actual interest expenses were down 21% YoY during the financial year.
The net profit rose to Rs 68.3 crore, witnessing 3.8 times growth compared to Rs 18 crore in FY22.
The company recorded gross debt at Rs 553 crore and net debt at Rs 432 crore in March 2023.
The company achieved zero inventory in completed projects and over 75% of ongoing project inventory has been sold. The company said in its official statement that it would complete and deliver around six msf over the next two years (FY24-FY25), apart from 3.8 msf completed during FY23.
Murali, CMD, Shriram Properties, said, “Our operating platform remains robust and resilient and is fully geared to leverage our strength in the consolidating industry environment. FY23 earnings turnaround is encouraging and we are confident of sustained improvement in earnings and profitability.”
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
Housing News Desk is the news desk of leading online real estate portal, Housing.com. Housing News Desk focuses on a variety of topics such as real estate laws, taxes, current news, property trends, home loans, rentals, décor, green homes, home improvement, etc. The main objective of the news desk, is to cover the real estate sector from the perspective of providing information that is useful to the end-user.
Facebook: https://www.facebook.com/housing.com/
Twitter: https://twitter.com/Housing
Email: editor@housing.com
Related Posts
Shriram Properties, Xander enter into USD 350 million deal.
Shriram properties registers net profit of Rs 19.6 crore in Q2 FY23.
Shriram Properties net profit up 69% in Q3.
India Sotheby’s International Realty clocks sales value of $450 mn in FY23.
Aptus Value disbursements for FY23 up 46% to Rs 2,395 crore.
J Kumar Infraprojects records 19% revenue growth in FY23.
