FCC

Shriram Properties reports 26% increase in sales

2022-08-16

On the back of higher sales, Shriram Properties declared a consolidated net profit of Rs 104.8 million for the quarter ended June. It reported a net loss of Rs 36.7 million the previous year.

According to regulatory filing, total income more than doubled to over Rs 1.45 billion in the first quarter of this fiscal year, up from Rs 609 million in the same period last year.

The company said in a statement that sales volumes were up 20% year on year at 0.66 million, thanks to robust sustenance sales across projects and the opening of a new phase in an ongoing project.

From April to June, sales bookings increased 26% to Rs 3.13 billion from Rs 2.48 billion in the same period last year. Spending on building increased by 52% year over year to $1.37 billion.

All product sectors experienced price increases. On the strength of robust demand, cost concerns, and the impact of industry consolidation, the business anticipates that the price curve will continue to improve.