Shriram Properties (“SPL”) declared its audited financial results for the fourth quarter (Q4FY24) and the full year (FY24) ended 31 March 2024. The company has reported impressive operational and financial performance, achieving record highs in several key metrics.
In FY24, SPL achieved record sales volumes of 4.59 million square feet (msf), supported by six project launches contributing approximately 3 msf. Sales values reached a new peak of Rs. 2,362 crores, marking a 28 per cent year-on-year (YoY) increase. This robust performance continued despite launch deferrals in Q2 and Q3 due to external factors.
Key financial highlights for FY24 include a 21 per cent year-on-year (YoY) growth in total revenues, reaching Rs. 987 crores, driven by successful project completions and revenue recognition from key projects. EBITDA increased by 22 per cent YoY to Rs. 223 crores, maintaining stable margins at 23 per cent. Despite additional costs from re-acquiring JV interests, interest expenses remained flat at Rs. 74 crores, with overall finance costs rising by 11 per cent YoY due to one-time interest costs from acquisitions.
The cost of debt decreased to 11.6 per cent, down from 11.9 per cent in FY23, despite the impact of RBI rate hikes. Net debt remained stable at Rs. 441 crores, with a debt-equity ratio of 0.35:1, among the lowest in the industry.
Net profit improved by 10 per cent YoY to Rs. 75 crores, while consolidated cash flows from operations nearly doubled to Rs. 227 crores, with free cash flows before new project investments reaching Rs. 156 crores, up from Rs. 116 crores in FY23. In Q4FY24, total revenues more than doubled to Rs. 358 crores, while EBITDA grew by 45 per cent YoY to Rs. 66 crores. The net profit for the quarter was Rs. 20 crores, marking a 28 per cent YoY increase.
The company’s gross collections for FY24 were Rs. 1,391 crores, a 16 per cent increase YoY, reflecting strong construction progress and milestone-based customer collections. SPL completed eight ongoing projects with a total development area of 3.8 msf, many ahead of RERA timelines. Consequently, SPL handed over more than 3,000 homes/plots during FY24, a 50 per cent increase YoY.
SPL’s strategic move to upscale its price curve over the past two years has paid off, with overall portfolio average realisation improving by 12 per cent YoY, and mid-market unit realisation increasing by 20 per cent YoY.
In Q4FY24, SPL's sales volume stood at 1.56 msf, a 19 per cent YoY increase, with sales value rising to Rs. 708 crores, up 43 per cent YoY. Gross collections grew by 10 per cent YoY to Rs. 336 crores, and customer handovers totaled 1,396 homes/plots in Q4.
