Peninsula Land swings back to profit, reports Rs 101 crore net in FY23

Realty developer Peninsula Land has reported net profit of Rs 101 crore for the financial year 2022-23 as against net loss of Rs 108 crore. Total revenue for the year also rose 130% to Rs 1,039 crore.

The company has recorded this turnaround on the back of completion and delivery of its multiple projects.

“Despite the difficulties caused by the Covid crisis, the company has sold around 2.4 million sq ft over the past five years, offered possession of about 700 residences across the affordable, luxury, and ultra luxury product groups, and decreased debt by over 80%,” said Rajeev Piramal, VC & MD, Peninsula land.

According to him, the company is planning to provide possession to over 1000 homebuyers in the current financial year 2023-24.

With FY23 results, the developer is starting a new phase of growth backed by execution capabilities, customer centric designs and a strong brand promise, the company said in a release.

As on March 31, the developer’s consolidated debt stands reduced to Rs 424 crore against a peak of Rs 2,373 crore in March 2019.