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Peninsula Land Limited, a distinguished player in the real estate sector and a notable listing on both the NSE and BSE, has unveiled its performance metrics for the second quarter, concluding in September 2023. A noteworthy achievement involves a debt reduction of over 57 percent as of September 2023 compared to the corresponding period in September 2022. This reduction translated into a profit after tax (PAT) of Rs 70.77 crore for H1FY24, indicating a robust growth of 112 percent from the analogous period last year.
The company's commitment to consistent debt reduction and the successful delivery of more than 850 apartments in the ongoing fiscal year fortify its strategic positioning for sustained growth. The company faces principal debt servicing obligations totalling Rs 161.83 crore to banks and financial institutions in the coming twelve months, causing the current liabilities to exceed the current assets as of September 30, 2023. Promoters have pledged an equity infusion of Rs 16.07 crore within the next 12 months.
The management expresses confidence that operational cash flows and the aforementioned initiatives will suffice to meet impending current liabilities over the next 12 months. The debt stood at Rs 278 crore on September 30, 2023, showing a 57 percent reduction from Rs 653 crore on September 20, 2022, marking a substantial decrease of Rs 2,240 crore over the last 4.5 years, as per the company's regulatory filing. Rajeev Piramal, the Vice Chairman and Managing Director of Peninsula Land Limited, expressed his gratitude to stakeholders for their unwavering confidence.
Piramal highlighted the seamless integration of the company's robust operational performance over the years into its financial success. The company's core focus areas—efficient project execution and strategic debt reduction—have been pivotal to its achievements. The numbers vividly demonstrate this focus, with the delivery of 1800 units to customers and a substantial reduction of approximately Rs 2240 crore in consolidated debt over the past 4.5 years.
Having significantly reduced debt by over 90 percent and demonstrated a track record of delivering multiple projects across various cities in the same year, Peninsula Land Limited foresees a future characterized by robust growth and success.
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