Shriram Properties Q2 Profit: Rs 8.57 Cr

New Delhi, Nov 12 (PTI) Realty firm Shriram Properties Ltd on Wednesday reported a consolidated net profit of Rs 8.57 crore in the September quarter on higher revenue.

The company had posted a net loss of Rs 0.79 crore in the year-ago period.

Total income rose to Rs 229.01 crore in the second quarter of this fiscal against Rs 155.10 crore in the corresponding period of the preceding year, according to a regulatory filing.

Gopalakrishnan J, Executive Director & CEO of Shriram Properties, said: "Financial performance was muted a bit, but with transitionary issues easing, we expect a healthy rebound in H2 (second half of this fiscal)."

"Supported by a strong launch pipeline and execution focus, we are confident of delivering stronger H2 and meeting full year targets," he added.

The company's focus remains on expanding the project pipeline and accelerating execution to unlock cash flows and enhance value creation, the CEO said.

Shriram Properties Ltd, which is one of India's leading residential real estate developers, has a presence in Bengaluru, Chennai, Pune and Kolkata.

It has delivered 48 projects with a saleable area of 29.2 million sq ft.