SPL Q1 sales up 20%, Collections at Rs 324 cr

Bengaluru, July 20, 2022: Shriram Properties (“SPL”) reported growth in sales, collections and construction for the quarter ended June 30, 2022 (“Q1FY23”). 

The Company has achieved sales volumes of 0.66 msf in Q1FY23, up 20% year-on-year (“YoY”). Aggregate sales value stood at Rs. 313 crores in Q1, reflecting a growth of 26% YoY.

Aggregate collections grew by 34% YoY to Rs.324 crores in Q1FY23. 

Aggregate construction spend at Rs.137 crores reflected a growth of 52% YoY, from Rs.90 crores achieved in Q1FY22. 

Average realisation was higher at Rs.4,694/sqft in Q1FY23 as compared to Rs.4,363/sqft in Q1FY22. Unit realisation in plotted development was higher by 6% YoY while that of constructed units remained nearly flat in Q1FY23. 

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The Company had a successful launch at Chennai with aggregate saleable area of over 0.53 msf. Slow launch momentum during the quarter reflects market seasonality issues. 

SPL is planning for 16 launches with aggregate saleable area of ~8.0msf during the remainder of FY23, including 13 new projects and 3 new phases of its ongoing projects. 

As at the quarter end, SPL had near-zero inventory in completed projects. Nearly 85% of inventories in its ongoing projects have already been sold. 

Commenting on the performance, M Murali, Chairman and Managing Director, Shriram Properties Limited said: “We are encouraged by the strong performance on key operating parameters, and it demonstrates the strength of our team and the operating platform. We are on track to deliver on volumes and profitability for the full year.”