Ravindra Kumar Pandey appointed as Shriram Properties CFO

Shriram Properties (SPL) has appointed Ravindra Kumar Pandey as its new Chief Financial Officer (CFO), effective August 14, 2024. Pandey, who has been with SPL since 2017, currently oversees the company's finance and treasury functions. He brings over 18 years of experience in the industry, having previously worked with companies such as Sobha, Skyline, Rolastar, and Kavveri Telecom. Pandey's appointment follows the recent promotion of Gopalakrishnan J to Executive Director and Group Chief Executive Officer, a role that left the CFO position vacant. Gopalakrishnan previously served as Executive Director and Group CFO. Additionally, SPL has promoted Rajesh Shirwatkar from Senior Vice President-Accounts to Deputy Chief Financial Officer. In July 2024, K R Ramesh was appointed as Executive Director (Strategy & Corporate Development), transitioning from his role as Executive Director-Operations. During the first quarter of FY25, SPL reported sales volumes of 0.70 million square feet and sales values of Rs 3.76 billion. The company decided to delay a project launch in Pune to the second quarter of FY25 due to prolonged approval processes, impacting its volumes. However, SPL has planned four launches for Q2 and over six launches for the second half of the fiscal year. Gross collections for Q1 FY25 stood at Rs 3.21 billion, reflecting a 10% year-on-year increase. SPL and ASK Investment Managers are exploring new opportunities for capital deployment under their co-investment platform in FY25. The company also plans to launch a new residential development in North Bengaluru during Q2 FY25. As of Q1 FY25, SPL?s net debt slightly increased to Rs 4.82 billion, with a debt-equity ratio of 0.37:1. While cash from operations remained positive at Rs 300 million, free cash flow turned marginally negative due to debt repayment. The company invested Rs 440 million in new projects during the quarter, ending with cash and cash equivalents of Rs 1.28 billion. (ET)