SSPDL Ltd
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BSE Code:
530821
NSE Code:
SSPDL
Business Profile
Business Profile
Srinivasa Shipping & Property Development (SRISHIPD) was established in the year 1990 with its offices in Chennai, Hyderabad and Bangalore, and Sri Satya Sai Constructions is its associate.
The main activity of the company is the construction of commercial and residential buildings. The first major project of the company was Park Center in TN Nagar, Chennai. Today, two of the company`s buildings, Challa Mall and Capital Towers are landmarks in Chennai.
The company has set milestones by constructing two buildings, Capital Towers and Fuller Towers. Capital Towers is a 11-storey corporate office building with three elevators and car parking space for 90 cars. Fuller Towers was sold to a multinational company Fuller India. Currently, the company has more than 2 million sq. ft. under construction in residential and commercial projects.
During the year, SRISHIPD signed up a joint venture agreement for an IT project Matrix Towers at IT Park, Chennai with built-up area of approximately 20,000 sq. ft. The project is expected to get completed by the first quarter of 2008. It has entered into an MOU with Glomac Berhad, one of the largest real estate developers in Malaysia, to bid for a township project of HUDA in Hyderabad. In March, the company entered into an MOU with Spire Reality Hyderabad Retreat under the FDI scheme for the development of a 90-acre plus township in Hyderabad. The joint venture agreement is in progress. In May, the company incorporated a fully-owned subsidiary company, Srinivasa Properties Lanka in Colombo for taking up projects in Sri Lanka.
Financials
Srinivasa Shipping & Property Development registered a 20796.97% growth in net profit to Rs 137.92 million for the quarter ended June 2007 from a profit of Rs 0.66 million for the quarter ended June 2006.
Net sales for the quarter increased 84.93 times to Rs 234.42 million for the quarter ended June 2007 from Rs 2.76 million for the quarter ended June 2006.
Total income rose 6869.82% to Rs 235.58 million for the quarter ended June 2007 from Rs 3.38 million for the quarter ended June 2006.
The earnings per share (EPS), of the company stood at Rs 32.53 in the quarter ended June 2007.
Recent Developments
27-APR-07
The allotment committee of the board allotted 196,500 equity shares upon conversion of 196,500 convertible warrants on April 24, 2007.
01-FEB-07
On January 31, 2007, the board of directors considered and decided the following:1. Allotted 5,750 equity shares in lieu of conversion of warrants by some warrant holders and further an allotment committee has been constituted for taking up conversion of warrants into equity shares.2. The registered office of the company is shifted from 8-2-595/3/5, Eden Gardens, Banjara Hills, Hyderabad to 8-2-595/3/6, Eden Gardens, Banjara Hills, Hyderabad.3. The board has approved to take up an eco-tourism project of 300 acres in Munnar, Kerala for a projected sale value of approximately Rs 1,000 million.
Future Plans
The company plans to invest about Rs 2 billion in the next 36 months to develop commercial real estate in Chennai. It also plans to develop a commercial building in Sholinganallur covering 3 lakh sq. ft. for an estimated investment of Rs 0.4 billion, which can be utilized as either a mall or IT park. It has a similar plan to construct a mall covering 1.2 lakh sq. ft. opposite Taj Coromandel in Nungambakkam, which would cost Rs 0.6 billion.