Peninsula Land Ltd Reports Profit of 101 Cr in FY 23
Peninsula Land Limited, with a strong execution record has announced excellent results for the Quarter and year ended 31st March, 2023. For the quarter ended 31st March, 2023, total revenue increased by 46% to Rs. 151 Cr vs Rs.104 Cr for the quarter ending 31 March 2022. For the year ended 31st March, 2023, the total revenue increased by 130% to Rs 1,039 Cr vs Rs. 452 Cr for the year ended 31st March 2022. The PAT also turned positive in FY22-23, increasing to Rs. 101 Cr vs a loss of Rs. (108) Cr in FY21-22. The company's strong performance across various metrics showcases its commitment to fulfil its obligations towards all its stakeholders. With these turnaround results the company has begun a new phase backed by strong execution capabilities. As on 31 Mar’23, the consolidated debt stands reduced to Rs. 424 Cr against a peak of Rs. 2,373 Cr in 31 Mar’19. The reduced debt position will further enable the growth of the company. Commenting on FY23 results, Rajeev Piramal, VC & MD, Peninsula land Limited said, “The real estate industry has undergone a significant transformation over the past few years, with issues like debt overhang, sluggish sales, cost escalations, and a lack of price appreciation. However, developers with a customer-centric mindset and strong brand ethos have been able to weather the storm and are now well-positioned. Peninsula Land is a company that has a strong brand promise and is confident in its capacity to execute iconic projects and generate value for all of its stakeholders. Despite the difficulties caused by the Covid crisis, the company has sold about 2.4 million square feet over the past five years, offered possession of about 700 residences across the affordable, luxury, and ultra-luxury product groups, and decreased debt by over 80%. Additionally, the business plans to provide over 1000 homebuyers possession in FY24. We have built and sold homes ranging in price from INR 20 lakhs in the affordable category to INR 50 crore in the super luxury category across the segments of apartments, row houses, plots, and villas in the residential sector, and we have solid experience doing so. We are confident in our ability to work across asset classes and generate value for our stakeholders.”
Tags : Peninsula Land Limited execution results revenue company performance commitment stakeholders debt growth Rajeev Piramal VC & MD Peninsula land Limited