Shriram Properties reports Rs 10.48 crore profit for April-June quarter on improved sales

Price improvement was report across segments. The company expects the price curve to improve further on the back of strong demand, cost considerations and the impact of industry consolidation. The company's gross debt dropped 6 percent from the previous quarter to Rs 451.2 crore at the end of the June quarter.

"The company remains focused on reducing debt and interest costs further in the coming quarters. Post IPO, the company has a prepaid debt of around Rs 200 crore and refinanced about Rs 265 crore, apart from JV debt refinancing activities," the company said in a statement. It expects to hand over about 10 million square feet during FY23-25.

Chairman and Managing Director of , Murali M, Shriram Properties, said, "The continued robust earnings and turnaround momentum is reassuring and demonstrates the strength of our team and the operating platform. Strong current performance reinforces confidence in our strategy and execution."

He added that the company would remain focused on profitable growth by leveraging the strong project pipeline and market opportunities. The company has added eight projects in the pipeline, aggregating to about 7 million square feet of development potential since March 2022.

A leading residential real estate developer in South India, Shriram Properties Ltd is primarily focused on middle-market and affordable housing. Over 85 percent of its development activities are focused on Bengaluru, Chennai, and Kolkata.

The company has delivered 32 projects with a total saleable area of 19 million square feet. As of June 30, 2022, the company's development pipeline contained 53 projects with an aggregate development potential of 53 million square feet.