Shriram Properties reports strong quarterly performance

Shriram Properties reported strong quarterly performance with strong pre-sales volume and growth in collections and construction activities during the quarter ended December 31, 2021.

Total collections for the quarter was around Rs.337 crores in Q3, up 21% Year on year due to focus on execution progress, despite covid-led interruptions.

The Company achieved sales volumes[2] of 1.03 msf in Q3FY22, supported by successful launches. Aggregate sales volumes for the first nine months stood at 2.58 msf, up 56% year-on-year (“YoY”) in 9MFY22 despite the macro challenges faced on the back of Covid-led intermittent lockdowns during Apr-Jun’21.

Projects under the development management (DM) accounted for 38% of sales volumes, while share of plotted development in overall sales stood at 25% during 9MFY22.

The Company had 4 new launches, apart from additional phases launched in 3 ongoing projects, with aggregate saleable area of over 1.98 msf, across its core markets of Bengaluru, Chennai and Kolkata.

Aggregate sales value crossed the Rs.1,000 crore mark during 9MFY22, reflecting a growth of 60% YoY. Quarterly sales value was at Rs.415 crores in Q3, compared to around Rs.340 crores in Q2FY22 and Rs.410 crores in Q3FY21. On a comparable basis, average realisation for plotted development and residential apartments stood at Rs.1,920 per sq ft and Rs.4,521 per sq ft respectively in 9MFY22.

The Company signed definitive documents for 4 new projects with aggregate development potential of 2.3 msf since filing of the red herring prospectus in Nov’21.