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Shriram Properties, a prominent real estate firm, is aiming for a substantial 25 percent surge in sales bookings during the current fiscal year, following a record-breaking achievement of Rs 1,846 crore in the previous year. The company's Chairman and Managing Director, M. Murali, highlighted the strong demand for housing across diverse price segments, which contributed to the exceptional sales performance in the 2022–23 fiscal year.
In the last fiscal year, Shriram Properties attained an all-time high sales booking of Rs 1,846 crore, reflecting a 25 percent growth compared to the previous year's figure of Rs 1,482.4 crore. This remarkable progress was propelled by increased volumes, improved realization, and a shift in the product mix.
The company is targeting approximately 20 percent growth in sales volumes and 25 percent growth in sales value. Notably, the sales volume reached a new record of 4.02 million square feet in the last fiscal year, surpassing the 3.8 million square feet achieved in 2021–22. Moreover, the average annual sales realization demonstrated an annual growth rate of 8 percent during the preceding financial year.
To capitalize on the burgeoning housing demand, the company plans to launch multiple housing projects in the current fiscal year.
On the financial front, Shriram Properties experienced an exponential surge in net profit, increasing nearly fourfold to Rs 68.2 crore in the last fiscal year from Rs 18.03 crore in the previous year. The total income also witnessed substantial growth, soaring to Rs 813.92 crore in the last fiscal year, compared to Rs 517.8 crore in the 2021–22 financial year.
Headquartered in Bengaluru, Shriram Properties is a prominent residential real estate development company operating primarily in key markets such as Bengaluru, Chennai, and Kolkata, which collectively contribute to around 85 percent of its development activities. The company has successfully delivered 36 projects, predominantly in Bengaluru and Chennai, and is currently developing 26 projects/phases with an additional 25 projects in the pipeline.
In December 2021, Shriram Properties made its debut on the stock exchanges and raised approximately Rs 600 crore through its initial public offering (IPO), further solidifying its position and fortifying its presence in the real estate market.
Shriram Properties, a division of the esteemed Shriram Group with a massive financial worth of 90,000 crores, emerged with a vision to craft magnificent residences and welcoming living spaces. Established in 1995, their operations span across the nation, with a strong presence in South India. With a track record of delivering over 8.36 million sq. ft., they are recognized as a trusted and prominent builder, having provided homes to more than 22,000 happy families.
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