Shriram Properties Targets Revenue Growth: Rs 3k Cr by FY27

Bengaluru, Aug 21 (PTI) Realty firm Shriram Properties Ltd on Wednesday said the company is targeting to triple its revenue to Rs 3,000 crore and double sale bookings to Rs 5,000 crore by 2026-27 financial year as the company embarks on its next phase of growth.

The company, which entered its 25th year of operations in 2024-25, unveiled a new brand identity that seeks to transform the perception of Shriram among customers while elevating its brand and reputation towards better customer delight in the future.

"We are embarking on a mission with a brand-new identity, as we enter 25th year of our operations. It will allow us to create our own identity and elevate and re-position the trusted Shriram brand among NextGen buyers," Shriram Properties Chairman and Managing Director Murali Malayappan told reporters here.

He said the company would leverage technology in construction activities as well as providing various services to customers.

"What we achieved in 25 years, we can do it in the next 7-10 years," Murali said.

The company is entering the Pune real estate market and will be launching one project soon, he said, adding that the company would be "opportunistic" in entering other key property markets.

Shriram Properties, which is part of Shriram Group, is focused on the mid-market and mid-premium housing segments. It has a presence in Bengaluru, Chennai, Kolkata, Coimbatore and Vizag. The company has delivered 44 projects with a saleable area of 24.4 million square feet. It has a development pipeline comprising 42 projects with an aggregate development potential of 42.1 million square feet as of June 30, 2024.

"We are embarking on a mission that targets to double our volumes, triple our income, and quadruple our profits in the next 3 years," Gopalakrishnan, ED & Group CEO of Shriram Properties, said.

By FY27, he said the company aims to double annual sale bookings to Rs 5,000 crore, triple revenues to Rs 3,000 crore and quadruple profits to over Rs 250 crore.

In 2023-24, Shriram Properties achieved a net profit of Rs 75.43 crore over a total income of Rs 987.35 crore. It clocked record sale bookings of Rs 2,362 crore in FY24, up 28 per cent on an annual basis.

To achieve this, Gopalakrishnan said the company would scale up from current annual sales of 4.5 million square feet in FY24 to 8-9 million square feet of annual sales by FY27.

"In this process, we would be selling close to 20 million square feet in 3 years. We expect the Bengaluru markets to account for 7-8 million square feet, while Chennai will contribute 5-6 million square feet. Kolkata and Pune will contribute around 4-5 million square feet over the next 3 years and the rest will come from other potential new markets," he added.