Shriram Properties Reports Q2 Net Loss of Rs 99 Lakh
Nov 15, 2024 16:58
Shriram Properties posted a net loss of Rs 99 lakh in Q2 FY25, a decline from the previous year's profit. The company attributes this to reduced launches in the sector. Despite the short-term setback, Shriram Properties remains optimistic about the long-term prospects.
New Delhi, Nov 15 (PTI) Realty firm Shriram Properties has posted a consolidated net loss of Rs 99 lakh in the September quarter.
The company had posted a net profit of Rs 20.15 crore in the year-ago period.
Total income declined to Rs 155.1 crore in the July-September period of 2024-25 from Rs 231.24 crore in the corresponding period of the preceding year, according to a regulatory filing on Thursday.
Shriram Properties CMD Murali M said, "Q2, FY25 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," he added.
Shriram Properties has delivered 46 projects with a saleable area of 25 million sq ft, mostly in Bengaluru and Chennai, and in recent years in Kolkata.
It has a strong development pipeline comprising 42 projects with an aggregate development potential of 40.2 million sq ft as of September 30, 2024.
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