Peninsula Land Limited, a prominent real estate developer listed on the NSE and BSE, announced its results for the second quarter ended Sept’23.
Reduction in debt as on Sept’23 by more than 57% as compared to Sept’22 translated in a PAT of INR 70.77 crore for H1FY24, reflecting a solid growth of 112% over the similar period last year. The consistent reduction in debt and delivery of over 850 apartments this financial year alone has positioned the company favourably for continued growth.
Rajeev Piramal, Vice Chairman and Managing Director of Peninsula Land Limited, commented on the Q2 results, stating "My sincere gratitude to all our stakeholders for keeping their faith in our business and capabilities. Our strong operational performance over the years is reflecting in our financial performance as well.
Delivering on our brand promise by focusing on efficient project execution & debt reduction through strategic initiatives have been the 2 key focus areas for us. Our performance in these 2 areas is clearly reflected in the numbers over last 4.5 years wherein we have handed over 1800 units to customers and have reduced our consolidated debt by approx INR 2240 Cr. With over 90% reduction in debt and after establishing a track record of delivering multiple projects across multiple cities in the same year, we believe that the company is well positioned for a strong future growth”.