Shriram Properties Limited (“SPL”) has announced its financial results for the quarter (“Q4FY25”) and the year ended March 31, 2025 (“FY25”). The Company reported resilient sales performance, with sales volumes of 4.3 msf, valued at Rs. 2,284 crores, in FY25.
Viewed in the context of external challenge-led deferment of launches during H2FY25, full-year sales performance is satisfactory.
On a quarterly basis, the Company reported sales volumes of 1.3 msf (+5% QoQ), valued at Rs. 673 crores, in Q4FY25. Two deferred launches from H2 received approvals and the Company launched its maiden project at Pune under the Code Name: “Superstar” successfully during Q1FY26. It commenced pre-launch activities for its Bangalore project - “Shriram Songs of the Earth” - at Electronic City, Bengaluru.
SPL achieved development completion of 9 projects, aggregating to ~4.2 msf in FY25, with several of them being delivered ahead of RERA timelines. Overall construction momentum remains strong and augurs well for collection and handovers during the current fiscal.
The Company handed over 3,150+ homes/plots to customers during FY25, setting a new record for the Company. This is commendable considering the delays suffered in obtaining the Completion Certificate (OC/CC) during Q2/Q3 and was resolved only towards the end of Q4. In fact, SPL handed over 1,400+ homes/plots to customers (+119% QoQ) during Q4 alone and has led to remarkable revenue recognition and bumper earnings for the quarter.
Customer collections stood at a record high of Rs. 1,484 crores (+7% YoY) in FY25, reflecting strong construction progress over the quarters and strong handover momentum during Q4FY25.
Commenting on the performance, Murali M, CMD of Shriram Properties said: “Our results reflect the strength of our operating platform that has once again demonstrated resilience and overcome external-led challenges to deliver satisfactory operational and financial performance during FY25. We are entering FY26 with strong momentum and a clear strategic focus. Resilient demand for housing, especially in the mid & mid-premium segments, presents a significant opportunity. At SPL, we are well-positioned to capitalize on this. Our focus will remain on faster execution to unlock cashflows from ongoing projects while we build stronger project pipeline for sustainable growth. We are committed to delivering long-term value for all stakeholders”.
The Company has successfully overcome transient sectoral challenges and delivered resilient performance. SPL is standing firm on its growth path and remains focused on leveraging robust operating platform for profitable growth going forward.
SPL’s outlook for the next 3 years appears strong and encouraging. The Company is set to launch ambitious projects supported by healthy project pipeline in-hand and aggressive addition of new projects. With nearly 85% of ongoing projects already sold, focused execution and timely completion should result in stronger revenue recognition momentum in FY26 and beyond. Improving scale and continued focus on cost control should help sustain margins and profitability going forward. The Company is well on its way toward achieving its medium-term mission, articulated recently.
Positive macro-economic trends and sustained housing demand-particularly in the mid and mid-premium segments-underscore the long-term growth potential for segment leaders like Shriram Properties. SPL’s trajectory is further reinforced by its robust operating platform and a well-established project pipeline.
Financial Performance Highlights:
On a quarterly basis, Total Revenues have more than doubled sequentially to Rs.427.5 crores, while EBTIDA has more than doubled to Rs.89.2 crores in Q4FY25. Net profit for the quarter stood at Rs.47.7 crores, up 137% YoY & up 267% QoQ in Q4FY25.
Total Operating Income at Rs.949.2 crores and Total Revenues stood nearly flat at Rs.973.4 crores in FY25. This was despite the delayed receipt of Occupancy Certificate in a few large projects during Q2/Q3, which was received only by the end of Q4.
Successful completion/handover led to revenue recognition in certain key projects viz., Shriram Pristine Estate (Bangalore), Shriram Park 63 (2A) (Chennai), Shriram Lakeside Residences (Chennai) and Shriram Grand One (Kolkata). Nearly 37% of Q4 handovers and 26% of full year handovers came from JV Projects viz., Shriram 107 SE (Bangalore) and Shriram WYT (Bangalore) and thus the handover/registration impact on revenue recognition was partly reflected in Revenue from Operations and partly in SPL’s share of JV profits.
The cost of revenue remained nearly flat and thus delivered healthy gross margins of 30%. EBITDA margins stable at 21% and EBITDA2 nearly flat at Rs. 203 crores in FY25.
Overall finance cost is down 11% YoY to Rs.104.6 crores in FY25. Interest expenses were lower at Rs.90.4 crores (-16% YoY), reflecting scheduled loan repayments and reduced borrowing costs. Non-cash finance costs were lower by 23% YoY in FY25.
Net debt reduced by 26% to Rs. 326 crores, thus resulting in debt-equity of only 0.24x, compared to 0.35x last year, which is amongst lowest in the industry.
The Company has reported highest ever Net profit since listing of Rs.77.3 crores in FY25.
The Company has generated Cashflows from Operations (CFO) of Rs. 305 crores and Free Cash Flow (FCF) before new project investments of Rs. 273 crores in FY25, compared to Rs.156 crores in FY24. SPL has unlocked FCF after new project investments of Rs. 130 crores in FY25, which will play a significant role in accelerating new projects acquisitions in the future.
.JPG)
