Shriram Properties Appoints Ravindra Kumar Pandey as New CFO
Shriram Properties (SPL), a leading real estate company, has announced the appointment of Ravindra Kumar Pandey as its new Chief Financial Officer (CFO). Effective from August 14, 2024, Pandey will be responsible for overseeing the finance and treasury functions of the company.
Pandey: Bringing Wealth of Experience
Pandey has been with SPL since 2017, and his promotion to CFO comes after demonstrating exceptional performance and expertise in the industry. With over 18 years of experience, Pandey has previously worked with renowned companies such as Sobha, Skyline, Rolastar, and Kavveri Telecom. His deep understanding of the real estate sector will contribute significantly to SPL’s growth and financial strategies.
New Changes in Leadership Team at SPL
The appointment of Pandey as CFO follows the recent promotion of Gopalakrishnan J to the position of Executive Director and Group Chief Executive Officer. This change in leadership has left the CFO role vacant, necessitating the elevation of Pandey to this crucial position. Prior to his promotion, Gopalakrishnan held the position of Executive Director and Group CFO.
Additionally, Rajesh Shirwatkar has been promoted to the position of Deputy Chief Financial Officer, from his previous role as Senior Vice President-Accounts. This restructuring in the finance team reaffirms the commitment of SPL towards efficient financial management.
Moreover, K R Ramesh has been appointed as the new Executive Director Strategy & Corporate Development. Ramesh will transition from his previous role as Executive Director-Operations to lead SPL’s strategic initiatives and business development endeavors.
SPL’s Performance and Plans for the Fiscal Year 2025
During the first quarter of FY25, SPL reported sales volumes of 0.70 million square feet, amounting to sales values of Rs 3.76 billion. However, the company faced delays in project launches in Pune due to prolonged approval processes, which negatively impacted its sales volumes. As a result, the company pushed the project launch to the second quarter of FY25. Nonetheless, SPL aims to make up for the delay with four launches planned for Q2 and over six additional launches in the second half of the fiscal year.
SPL also achieved a 10% year-on-year increase in gross collections for Q1FY25, reaching Rs 3.21 billion. This reflects the company’s strong sales and revenue growth momentum. Furthermore, the company is exploring new opportunities for capital deployment alongside ASK Investment Managers under their co-investment platform in FY25.
Expansion Plans and Financial Updates
Apart from personnel changes, SPL has ambitious expansion plans. The company intends to launch a new residential development in North Bengaluru during the second quarter of FY25. This expansion will enable SPL to cater to the growing demand for residential properties in this region.
As of Q1 FY25, SPL’s net debt slightly increased to Rs 4.82 billion, with a debt-equity ratio of 0.37:1. While cash from operations remained positive at Rs 300 million, free cash flow saw a marginal negative shift due to debt repayment. During the quarter, the company invested Rs 440 million in new projects and ended with cash and cash equivalents of Rs 1.28 billion.
Moving forward, SPL plans to maintain a strong financial position and continue investing in strategic projects to ensure sustained growth and profitability.
In Conclusion
The appointment of Ravindra Kumar Pandey as the new CFO of Shriram Properties showcases the company’s focus on strengthening its financial management capabilities. Together with the recent changes in the leadership team and promising financial performance reported in the first quarter of FY25, SPL seems well-prepared to navigate challenges and capitalize on the growth opportunities in the real estate market. With their expansion plans and commitment to financial prudence, SPL is poised to further enhance its market position and deliver value to its stakeholders in the coming fiscal year.
