Realty company Shriram Properties announced H1FY25 results Total revenues are marginally lower at 366.0 crore. Deferral of income recognition in Q2 had impact on H1FY25. EBIDTA of 66.9 crore and consolidated PAT of Rs 16.7 crore for H1FY25. Murali M, CMD, Shriram Properties, said: “Q2FY25 is short-term aberration for the sector that witnessed reduced launches. Long term prospects for the sector remains positive and our strong market presence and success of our strategic initiatives will enable us in maintaining growth and delivering on promises even in the coming years. Our solid project pipeline, a strong execution platform, and our unwavering focus on costs and quality will contribute towards profitable growth even in the future”. Result PDF
Realty company Shriram Properties announced Q1FY25 results: Revenue from operations grew by 14% YoY and Total Revenues by 34% YoY to Rs 210.9 crores. Revenue recognition in recently completed projects viz., Shriram Liberty Square (Bangalore), Shriram Park 63 - 1B (Chennai), Shriram Chirping Woods T5 (Bangalore) Shriram Grand One (Kolkata) accounted for most of revenues. Gain of early exit of ASK has also helped. EBITDA for the quarter stood at Rs 53.6 crores, compared to Rs 53.3 crores in Q1FY24, flat YoY. Change in mix of projects handovers (low margin legacy projects) and higher employee costs reflecting annual revisions impacted margins. EBITDA margins thus stood at 25% in Q1FY25, compared to 34% in Q1FY24. Gross margins remained healthy at 31% during the quarter. Overall finance cost dropped 19% YoY to Rs 26.7 crores in Q1FY25. Interest costs declined from Rs 27.8 crores in Q1FY24 to Rs 22.8 crores during Q1FY25. Non-cash interest charges too dropped from Rs 5.1 crores to Rs 3.9 crores respectively during this period. Net debt was only a shade higher at Rs 482.0 crores in Q1 and debt-equity ratio stood low at 0.37:1, which is amongst lowest in the industry. Profit before taxes for Q1 stood at Rs 27.3 crores. Net profit at Rs 17.5 crores in Q1FY25 reflected a modest growth compared to Rs 16.6 crores in Q1 last year. Cashflows remained strong even during the quarter. Cash from Operations remained positive at Rs 30 Crore, but free cashflow turned marginally negative reflecting debt repayment during the quarter. The Company made new project investments of Rs 44 crores during Q1 FY25, thereby ending the quarter with Cash & Cash equivalents of Rs 128 crores. Commenting on the performance, Mr Murali M, CMD, Shriram Properties said: “Our strong market presence and success of our strategic initiatives give us confidence in maintaining growth and delivering on promises in the years to come. Our solid project pipeline, a strong execution platform, and our unwavering focus on costs and quality will contribute towards profitable growth even in the future”. Result PDF