Shriram Properties Ltd Share Price – NSE  /  BSE

Realty, Small Cap

Total operating expenses jumped 133% year-over-year (YoY) to Rs 292.7 crore during the period under review.

EBITDA improved by 45% to Rs 65.7 crore in Q4 FY24 from Rs 45.3 crore in Q4 FY23.

Profit before tax in Q4 FY24 stood at Rs 12.3 crore, down by 11% from Rs 13.8 crore in Q4 FY23. The company wrote back taxes amounting to Rs 7.8 crore in the fourth quarter.

For Q4 FY24, Shriram Properties said that the quarterly sales stood at 1.56 million square feet (up 19% YoY) and sales value rose to Rs 708 crore (up 43% YoY) in Q4 FY24. Gross collections grew by 10% YoY to Rs 336 crore and customer handovers stood tall at 1,396 homes/plots in Q4FY24.

During the last quarter, SPL launched 2 projects viz., 'Shriram Sapphire' (a 400-unit residential project with 0.5 million square feet aggregate saleable area near Electronic City, Bangalore) and 'Shriram Shubham' (a 0.46 million square feet plotted development opportunity at Chennai).

Shriram Sapphire was launched under the codename “Ultimate” that received exceptional response with nearly 70% of project area sold within first week of launch and nearly 80% of project area sold within a month.

Launch momentum remains strong with strong line-up of projects for the current year and the company is confident of continued success,” Shriram Properties said in a statement.

For FY24, Shriram Properties has reported net profit and revenue of Rs 75.4 crore (up 10% YoY) and Rs 987.4 crore (up 21% YoY), respectively.

Murali M, CMD, Shriram Properties, said: Our record breaking results are a testament to our commitment to growing the business profitably, year-after-year.

We have achieved significant milestones during the year, notwithstanding certain external-led delays in receipt of approvals and OCs. Our teams have worked diligently to overcome challenges and deliver on promises.

Supported by our strong market presence and success of strategic initiatives, we are confident of sustaining growth and profitability in the coming years.

Our robust launch pipeline, strong execution platform coupled with continued focus on cost management and commitment to delivering quality will support towards this end.

In its outlook, Shriram Properties stated that FY25 outlook is promising, as the company is embarking on some ambitious projects that should help realise newer benchmarks in its key performance indicators.

SPL’s ongoing efforts will be supported by robust launch pipeline, timely project completions & handovers, and resultant revenue recognition momentum. SPL’s relentless focus on costs and benefits of scale should help sustain margins and profitability in the coming quarters.

Shriram Properties (SPL) is one of South India's leading residential real estate development companies, primarily focused on the mid-market and affordable housing categories. SPL’s key markets include Bangalore, Chennai and Kolkata, which together account for nearly 85% of its development activities. SPL has demonstrated track record having delivered 44 projects with a saleable area of 24.4 million square feet, mostly in the cities of Bengaluru and Chennai. SPL has a strong development pipeline comprising of 42 projects with an aggregate development potential of 42.1 million square feet, as of 31 March 2024.

The scrip fell 3.70% to currently trade at Rs 113.30 on the BSE.

Powered by Capital Market - Live News

Net profit of Shriram Properties rose 32.50% to Rs 20.18 crore in the quarter ended March 2024 as against Rs 15.23 crore during the previous quarter ended March 2023. Sales rose 156.46% to Rs 302.24 crore in the quarter ended March 2024 as against Rs 117.85 crore during the previous quarter ended March 2023.

For the full year,net profit rose 14.34% to Rs 75.43 crore in the year ended March 2024 as against Rs 65.97 crore during the previous year ended March 2023. Sales rose 28.19% to Rs 864.53 crore in the year ended March 2024 as against Rs 674.40 crore during the previous year ended March 2023.

Powered by Capital Market - Live News

Shriram Properties will hold a meeting of the Board of Directors of the Company on 29 May 2024

Powered by Capital Market - Live News

The headline equity indices continued to trade with minor gains in mid-afternoon trade. The Nifty traded above the 22,500 level after hitting the day's low of 22,404.55 in early trade. Pharma shares extended gains for the second consecutive trading session.

At 14:27 IST, the barometer index, the barometer index, the S&P BSE Sensex, was up 21.73 points or 0.02% to 74,022.27. The Nifty 50 index gained 42.65 points or 0.19% to 22,544.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.23% while the S&P BSE Small-Cap index fell 0.13%.

The market breadth was negative. On the BSE, 1,556 shares rose and 2,331 shares fell. A total of 168 shares were unchanged.

Buzzing Index:

The Nifty Pharma index gained 0.76% to 19,253.45. The index rallied 1.43% in two consecutive trading sessions.

Divis Laboratories (up 2.02%), Cipla (up 1.81%), Biocon (up 1.46%), Sun Pharmaceuticals Industries (up 1.43%), Laurus Labs (up 1.39%), Gland Pharma (up 1.17%), Aurobindo Pharma (up 1.05%), Lupin (up 0.88%), Sanofi India (up 0.57%) and Zydus Lifesciences (up 0.40%) advanced.

On the other hand, J B Chemicals & Pharmaceuticals (down 2.33%), Glenmark Pharmaceuticals (down 1.36%) and Ipca Laboratories (down 1.22%) edged lower.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.30% to 7.074 as compared with previous close 7.095.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.2875, compared with its close of 83.3700 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement fell 0.56% to Rs 73,953.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.03% to 104.60.

The United States 10-year bond yield was flat at 4.437.

In the commodities market, Brent crude for July 2024 settlement lost 66 cents or 0.79% to $ 83.05 a barrel.

Stocks in Spotlight:

Shriram Properties added 0.63%. The company announced the signing of joint development agreement (JDA) for development of a prime 4-acre land parcel nestled in the coveted micro market of Yelahanka, Bengaluru.

Rolex Rings surged 14.81%. The company’s consolidated net profit declined 49.1% to Rs 23.62 crore in Q4 FY24 as compared with Rs 46.41 crore in Q4 FY23. Revenue from operations rose 5.63% year on year (YoY) to Rs 316.34 crore in the fourth quarter of FY24.

Powered by Capital Market - Live News