Business EconomyPosted at: Aug 21 2024 8:31PM


Shriram Properties to double its annual sales to Rs 5,000 crore by 2027

Bengaluru, Aug 21 (UNI) Shriram Properties, a prominent Bengaluru-based real estate developer, has unveiled an ambitious growth strategy, targeting a significant increase in sales and profits over the next three years.
The company plans to double its annual sales to Rs 5,000 crore and achieve a profit of over Rs 250 crore by the fiscal year 2027.
Gopalakrishnan J, the Executive Director and Group CEO of Shriram Properties Limited, outlined the company's roadmap during a press briefing on Wednesday. "We are setting the stage for substantial growth, aiming to scale our annual sales from 4.5 million square feet last year to 8-9 million square feet over the next three years. This would mean a cumulative sale of approximately 20 million square feet," Krishnan stated.
In a significant move, Shriram Properties is set to enter the western Indian market, with its first project slated for Pune. The Pune expansion is expected to contribute an additional 2 million square feet to the company’s sales over the next three years. This marks a pivotal step in the company’s strategy to broaden its geographical footprint.
The company has also refreshed its brand identity, introducing SPLNxT, which reflects its renewed focus on the mid-market and mid-premium segments. This segment, encompassing homes priced between Rs 50 lakh and Rs 2 crore, will now constitute over 90% of Shriram Properties' portfolio, a marked increase from the previous 67%. Despite this shift, the company will continue to cater to the luxury housing segment.
As Shriram Properties celebrates its 25th year, it is poised for rapid growth, supported by a robust project pipeline. The company currently has 42 projects in development, with a combined potential of 42 million square feet. Of this, 24 million square feet are already under construction. Krishnan highlighted the company’s intent to double its future project inventory from 18 million square feet to over 35 million square feet within the next 18-24 months.
Financially, the company reported a net profit of Rs 75 crore for the fiscal year 2023-24, with total revenue of Rs 987.35 crore. The company estimates it will need between Rs 300 crore and Rs 500 crore to fuel its three-year growth plan, with expectations that internal funds will sufficiently cover these needs.
In line with its expansion, Shriram Properties plans to launch two new mobile applications—Shriram Parivaar for customers and Shriram Synergy for channel partners—within the current quarter. These apps are designed to enhance customer service and streamline partner interactions.
With its strategic initiatives, Shriram Properties is not only reinforcing its presence in its existing markets but also exploring new territories to ensure sustained growth and profitability in the competitive real estate sector.
UNI BDN CS2030
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