Peninsula Land, an Ashok Piramal Group subsidiary, reports a remarkable 383.39% surge in Q1 FY24 net profit. Profit after tax stood at Rs 61.68 crore, up from Rs 12.76 crore in the previous fiscal's corresponding quarter. Despite a dip of 40.78% in net income, the company's strategic focus on delivering apartments and plots in FY24 remains strong. Debt reduction to Rs 339 crore by June 2023 and the completion of 10.6 million square feet of real estate reflect Peninsula Land's significant achievements.
Peninsula Land, a prominent arm of the Ashok Piramal Group, has announced an astounding surge of 383.39% in its net consolidated profit for the quarter concluding on June 30, 2023. The company's profit after tax soared to Rs 61.68 crore in Q1 FY24, marking a substantial leap from the Rs 12.76 crore recorded in the corresponding quarter of the previous fiscal year. This remarkable financial feat was confirmed through a filing with the BSE. In the realm of Q1 FY24, Peninsula Land's net consolidated total income reached Rs 188.33 crore, witnessing a notable dip of 40.78% compared to the Rs 318 crore achieved during the analogous quarter in the preceding year.
Contemplating this achievement, Rajeev Piramal, the Vice Chairman and Managing Director of the company, remarked that in FY23, they successfully handed over around 617 flats across dynamic cities like Mumbai, Pune, and Bangalore. As they approach FY24, their resolute focus remains on delivering more than 1,500 apartments and plots. Their strategic outlook involves introducing fresh developmental stages within their current land assets and broadening their land portfolio through cooperative joint development strategies. Significantly, in this quarter, the company's management took a significant step by discontinuing the effort to sell an asset previously categorized as "assets held for sale" in a previous year, as detailed in the regulatory filing.
Furthermore, Peninsula Land takes pride in announcing a significant reduction in its consolidated debt. This reduction is striking, with consolidated debt plummeting from Rs 727 crore on June 30, 2022, to an impressive Rs 339 crore by June 30, 2023. It's noteworthy that Peninsula Land Limited, an integral component of the Ashok Piramal Group, has achieved a significant milestone by completing construction on a staggering 10.6 million square feet of real estate, enriching urban landscapes across key cities in the country. This accomplishment reflects their unwavering commitment to reshaping skylines and creating dynamic living spaces that resonate with modern aspirations.
In summary, Peninsula Land's remarkable surge in net consolidated profit, coupled with its strategic prowess and dedication to innovative real estate endeavours, underscores its position as a significant player within the industry.
Peninsula Land Limited (PLL), a key constituent of the Ashok Piramal Group, stands as one of the earliest real estate entities to be publicly listed. All the real estate endeavours of Peninsula are channelled through this flagship enterprise. Recognized for its concept-driven architectural marvels across commercial, retail, and residential domains, PLL exudes professionalism and expertise in creations like Crossroads, CR2, Peninsula Corporate Park, Peninsula Technopark, Peninsula Business Park, Ashok Towers, and Ashok Gardens. In the present day, Peninsula Land has evolved into an integrated real estate powerhouse. Our ventures span ground breaking retail initiatives, top-notch commercial undertakings, and residential complexes of excellence.
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