Friday, August 11, 2023

Peninsula Land Limited reports impressive 362% profit surge in Q1FY24, paving the way for new growth phase

Mumbai, 11th August 2023: Peninsula Land Limited, a prominent real estate developer listed on the NSE and BSE, has released its financial results for the June quarter. The company reported a consolidated Profit After Tax (PAT) of 60 Cr, marking a remarkable 362% increase compared to the same period in the previous year. This surge in profits follows PLL's successful achievement of an annual profit of 101 Cr for FY23, reaffirming the company's robust financial standing in Q1FY24.

The Q1FY24 results showcase PLL's solid financial performance, with revenue amounting to 188 Cr for the June quarter. Additionally, the company has effectively reduced its consolidated debt to 339 Cr as of June 30th, 2023 compared to 727 Cr as on 30th June, 2022 which positions it favorably for continued growth.

Rajeev Piramal, Vice Chairman and Managing Director of Peninsula Land Limited, commented on the Q1 results, stating: "Our performance in the first quarter aligns with our FY24 forecasts. The strong demand for thoughtfully designed homes, inclusive amenities, and efficient space utilization remains high among consumers. We have successfully provided around 617 flats for possession in FY23 across Mumbai, Pune & Bangalore and we are actively working on delivering over 1500 apartments and plots in FY24. As we fulfill our brand commitment to homebuyers and project stakeholders, we are also exploring avenues for the company's next phase of growth. This includes launching new developmental phases within our existing land parcels and expanding our land portfolio through collaborative joint development strategies."

Peninsula Land Limited, a part of the Ashok Piramal Group, has been instrumental in creating noteworthy real estate landmarks. With projects spanning Mumbai, Pune, Bangalore, Lonavala, Nashik, and Goa, the company has consistently demonstrated its commitment to strong corporate governance by being among the first real estate firms to be listed on the stock exchange. Notable projects such as Ashok Towers, Ashok Gardens, Peninsula Business Park, and others have transformed locations, elevating the real estate value across various regions. To date, Peninsula Land Limited has delivered over 10.6 million sq. ft. of real estate across key Indian cities.

About Peninsula Land Limited:

One of the first real estate firms to debut on the stock exchange was Peninsula Land Limited. The biggest sign that fair and honest business practices are followed, combined with excellent corporate governance, is this fact. PLL's projects include landmark shopping malls, grade A commercial properties and aspirational and customer centric residential projects. Over 8.3 million square feet of real estate have been constructed by the company in Mumbai, Pune, Nashik, Bengaluru, Goa, and Lonavala, while another over 3.3 million square feet are currently under construction.

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