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Sri Lotus Developers and Realty reported a steep decline in consolidated net profit for the first quarter of the fiscal year, with earnings falling to INR 25.8 crore against INR 40.2 crore in the same period last year. Total income also contracted to INR 68.1 crore. Despite the fall in performance following its recent IPO, the company emphasised its strong financial position, citing a debt-free balance sheet, a cash surplus of INR 905 crore, and ambitious luxury project launches in Mumbai's western suburbs.
Sri Lotus Developers and Realty announced a 36 per cent drop in consolidated net profit for the first quarter of the current financial year, reporting INR 25.8 crore compared with INR 40.2 crore a year earlier. Total income also declined, standing at INR 68.1 crore, down from INR 122.5 crore in the same quarter of the previous year. Advertisement
The downturn came soon after the company's Initial Public Offering. In its investor presentation, Sri Lotus Developers highlighted consolidated revenue of INR 61.3 crore and EBITDA of INR 29.5 crore, with margins holding at 48 per cent. Collections were reported at INR 70 crore, while pre-sales amounted to INR 61 crore.
The developer confirmed that it remained net debt-free, backed by a cash balance of INR 905 crore. It further detailed plans to launch three luxury residential projects in the western suburbs of Mumbai, where construction has already commenced and strong buyer demand is anticipated.
Looking forward, the company projected pre-sales in the range of INR 1,100 - 1,300 crore, revenue growth of 75-85 per cent, and profit after tax growth of 30-35 per cent for the ongoing fiscal year.
The debt-free balance sheet and sizeable cash reserves offer a strong buffer, while its focus on luxury housing in Mumbai's western market is expected to stimulate demand. With optimistic guidance on pre-sales, revenue, and earnings growth, the company is seeking to build on its post-listing momentum and reinforce its presence in the premium residential space.
Source: PTI
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