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Realty company Shriram Properties announced Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
- On a quarterly basis, Total Revenues have more than doubled to Rs 358 crore while EBTIDA has grown by an impressive 45% YoY to Rs 66 crore in Q4FY24.
- Net profit for the quarter stood at Rs 20 crore, up 28% YoY in Q4FY24.
FY24 Financial Highlights:
- Total Revenues have grown 21% YoY to Rs 987 crore on the back of successful completion and revenue recognition in certain key projects viz., Shriram Liberty Square (Bangalore), Shriram Park 63 - 1B (Chennai), Shriram Chirping Woods T5 (Bangalore) Shriram Grand One (Kolkata). Revenue recognition with handover of units in certain other projects continued as well.
- EBITDA for the full year stood at Rs 223 crore, compared to Rs 183 crore in FY23, reflecting a growth of 22% YoY. EBITDA margins remained stable at 23% in FY24.
- Interest expenses remained flat at Rs 74 crore, despite absorption of interest costs associated with the re-acquisition of JV economic interest in Shriram Park63 from Mitsubishi Corporation during Q3FY24. Overall finance cost however is higher by 11% YoY, due to certain one-time interest costs associated with the acquisition of Shriram 122 West in Q1FY24.
- SPL’s cost of debt dropped further to 11.6%, as compared to 11.9% in FY23. It compares favourably with average cost of 13.7% in FY21 and such steep reduction is despite the RBI rate hike impact (approx. 200bps) during this period. The cost of incremental debt is now in the 10.0% - 10.5% range, which is encouraging.
- Net debt remained almost flat at Rs 441 crore and debt-equity declined marginally to 0.35:1, which is amongst lowest in the industry.
- Net profit improved to Rs 75 crore in FY24, compared to Rs 68 crore in FY23, up 10% YoY
- Consolidated cashflows from operations nearly doubled to Rs.227 crore in FY24. The Company has realised free cashflows (FCF) before new project investments of Rs 156 crore in FY24, compared to Rs 116 crore in FY23. Notably, supported by project completions, the Company has unlocked free cashflows of around Rs 272 crore in last two years, which has played significant role in augmenting new projects towards sustaining growth momentum in the future.
Commenting on the performance, Murali M, CMD, Shriram Properties said: “Our recordbreaking results are a testament to our commitment to growing the business profitably, year-afteryear. We have achieved significant milestones during the year, notwithstanding certain external-led delays in receipt of approvals and OCs. Our teams have worked diligently to overcome challenges and deliver on promises. Supported by our strong market presence and success of strategic initiatives, we are confident of sustaining growth and profitability in the coming years. Our robust launch pipeline, strong execution platform coupled with continued focus on cost management and commitment to delivering quality will support towards this end”.
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