Shriram Properties Ltd on Wednesday reported a 26 per cent growth in its sales bookings at Rs 313 crore for the June quarter on better demand and low base effect.
The Bengaluru-based company, in a statement, said that its sales bookings in volume terms rose 20 per cent to 0.66 million square feet in the first quarter of 2022-23 fiscal from 0.55 million square feet in the year-ago period.
“Aggregate sales value stood at Rs 313 crore in Q1, reflecting a growth of 26 per cent Y-o-Y (Year-on-Year), compared to Rs 248 crore in Q1 of FY22,” Shriram Properties said.
In the April-June quarter of last fiscal, the second wave of the pandemic had impacted housing sales.
The total collection of funds from customers grew 34 per cent YoY to Rs 324 crore in June quarter compared to Rs 242 crore in the corresponding period of the previous year.
The average sales realisation rose to Rs 4,694 per square feet from Rs 4,363 per square feet.
On the performance, Shriram Properties CMD M Murali 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.”
Shriram Properties Ltd (SPL) primarily focuses on the mid-market and affordable housing categories. Its key markets include Bengaluru, Chennai and Kolkata.
The company has delivered 31 projects with saleable area of 17.5 million square feet, mostly in the cities of Bengaluru and Chennai.