Realty firm Shriram Properties is targeting a 25 per cent growth in sales bookings this fiscal from a record Rs 1,846 crore in the previous year on strong housing demand, its CMD M Murali said.
In an interview with PTI, the company's Chairman and Managing Director M Murali said the housing demand has been robust across all price categories, helping the company to post record sales bookings in the 2022-23 fiscal.
Shriram Properties achieved an all-time high sales bookings of Rs 1,846 crore last fiscal, up 25 per cent from Rs 1,482.4 crore in the previous year, driven by higher volumes, better realisation and change in product mix.
Asked about the target of sales bookings for this fiscal, Murali said, "We are looking at about 20 per cent growth in volume terms and 25 per cent growth in value."
Sales volumes of 4.02 million square feet in the last fiscal, which is a new record, as against 3.8 million in 2021-22.
The average annual sales realisation grew 8 per cent annually during the last financial year.
The company would launch multiple housing projects this fiscal to tap the rise in housing demand, he added.
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"Market is really good. There has been a very good demand for the mid-income and affordable segment. So, I expect the demand to continue for 3-5 years comfortably due to various factors. Macroeconomic situation is very good and the overall stability in the country is good," Murali said.
A consistent growth across all industries is helping the growth of the real estate sector in a phenomenal way, he observed.
On the financial performance front, the company's net profit jumped nearly four times to Rs 68.2 crore last fiscal, from Rs 18.03 crore in the previous year.
Total income grew to Rs 813.92 crore in the last fiscal, from Rs 517.8 crore in the 2021-22 financial year.
Bengaluru-based Shriram Properties, which got listed on stock exchanges in December 2021, is one of South India's leading residential real estate development companies. It had raised around Rs 600 crore through its Initial Public Offer (IPO).
Key markets for Shriram Properties include Bengaluru, Chennai and Kolkata which together accounts for nearly 85 per cent of its development activities.
Shriram Properties has delivered 36 projects so far, mostly in Bengaluru and Chennai. It is currently developing 26 projects/phases and has another 25 projects in the pipeline.
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