Shriram Properties Q4FY24: Revenue Jumps 21% YoY, Hits Rs 987 Crores

Shriram Properties Ltd. (SPL) reported a 21 per cent year-over-year increase in total revenues, reaching Rs 987 crores. This growth was largely driven by the "successful completion and revenue recognition of key projects."

On a quarterly basis, total revenues more than doubled to Rs. 358 crores in Q4FY24, while EBITDA saw a remarkable 45 per cent year-over-year increase, reaching Rs 66 crores.

In FY24, SPL recorded a sales volume of 4.59 million square feet (MSF), backed by the launch of six new projects which added nearly 3 MSF of new supply.

In Q4FY24, the company witnessed a 19 per cent YoY increase in sales figures, reaching 1.56 million square feet on a quarterly basis.

On yearly basis, SPL recorded an EBITDA of Rs. 223 crores, marking a 22 per cent YoY growth from Rs. 183 crores in FY23, with stable EBITDA margins of 23 per cent in FY24.

“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,” said Murali M, CMD, Shriram Properties.

The real estate company maintained a net debt at Rs. 441 crores, while net profit witnessed a 10 per cent YoY increase to Rs 75 crores in FY24, up from Rs 68 crores in FY23.

Meanwhile, consolidated cashflows from operations almost doubled to Rs. 227 crores in FY24.

Speaking on the current fiscal year, the company stated in its outlook, "FY25 outlook is promising, as the Company is embarking on some ambitious projects that should help realise newer benchmarks in its key performance indicators."

"Favourable macro-economic factors, resilient housing demand, especially in the mid and mid-premium segments signifies long-term growth prospects for the company," the company added.