Dear Members,
Your Directors have the pleasure of presenting the 23rd Annual Report of the Company (2nd Annual Report after the IPO) along with the Audited Standalone and Consolidated Financial Statements for the Financial Year ended March 31, 2023.
Performance of Your Company
1. Financial Highlights
in million
Particulars | Standalone | Consolidated | ||
FY23 | FY22 | FY23 | FY22 | |
Revenue from Operations | 1,348.82 | 2,068.59 | 6,744.03 | 4,328.81 |
Other Income | 1,555.14 | 1,177.17 | 1,395.24 | 849.20 |
Total Income | 2,903.96 | 3,245.76 | 8,139.27 | 5,178.01 |
Operating Expenditure | 2,378.18 | 3,769.91 | 7,452.76 | 4,625.45 |
Share of profit/loss of joint ventures | - | - | 29.04 | (225.91) |
Profit before tax/(Loss) | 525.78 | (524.15) | 715.55 | 326.65 |
Provision for taxation & current tax | - | 0.27 | 55.42 | 56.88 |
Tax relating to previous years | (82.11) | 5.50 | (82.11) | - |
Deferred Tax | 104.50 | (129.41) | 59.74 | 89.46 |
Profit after tax/(Loss) | 503.39 | (400.51) | 682.50 | 180.31 |
Other comprehensive income | (3.51) | (2.31) | (2.86) | (1.83) |
Non-controlling interests | - | - | 22.79 | 82.50 |
Total comprehensive income/(loss) for the year | 499.88 | (402.82) | 679.64 | 178.48 |
Earnings per share basic | 2.96 | (2.59) | 3.88 | 0.63 |
Earnings per share diluted | 2.96 | (2.59) | 3.88 | 0.63 |
The Financial Statements for the year ended March 31, 2023 ("FY23"), have been prepared in accordance with Indian Accounting Standards (Ind-AS) as prescribed under the Companies Act 2013 and the Rules prescribed thereon, as amended.
2. Business and Operations
Shriram Properties Limited ("SPL") witnessed an exceptional year in FY23, marking significant milestones in both strategic and operational areas. With a strong focus on financial turnaround and operational excellence, SPL set new records and achieved remarkable growth. The Company achieved a record high sales volume and highest ever sales value in FY23. This remarkable achievement demonstrates the Companys ability to attract and engage customers effectively, apart from the strength of its well-oiled sales machine that was stabilised in recent years.
The Companys execution performance reached new highs, with the completion of seven projects spanning an impressive development area of 3.8 msf in FY23. Furthermore, the Company achieved its highest-ever handover over 2,000 units, reinforcing its reputation as a reliable and customer-centric real estate developer. This is a significant achievement remarkable progress considering an aggregate development area completed of 5.5 msf in last 3 years, and an average annual completion area of less than 1 msf area in the pre-RERA era. This signifies the remarkable ramp-up achieved by the Company in recent years, and its commitment to timely execution and delivery.
The Companys business fundamentals Credit and improving outlook was recognised in the upgraded rating of A-/Stable received from CRISIL. The Company had ratings of BBB+ in the previous financial year. This endorsement further strengthens the confidence of investors, partners, and customers in SPLs financial stability and outlook.
The Company maintained a strong sales performance, with quarterly run-rate averaging around 1 million square feet. This not only instilled confidence in meeting long-term growth targets but also set new benchmarks. In FY23, the Company recorded its highest-ever sales volume of 4.02 million square feet and the highest-ever sales value of 18,461 million. This was supported by seven launches, catering to demand across various segments including mid-market, affordable and plotted development projects. The sales-at-launch metric, showcased impressive results. Despite a few launch delays, new project launches contributed significantly to maintaining sales volume targets. Key initiatives like the Synergy Platform and Mega Value Month (MVM), along with customer-centric marketing campaigns, played a crucial role in driving sales momentum and achieving organisational sales objectives.
The Companys collections remained robust, amounting to 11,943 million in FY23. Timely completion of milestones played a pivotal role in maintaining billing and collection momentum, although there were some impacts from deferred launches during the fourth quarter.
The Company witnessed an approximately 8% improvement in average realisation offsetting temporary cost inflation observed in Q1FY23.
Financial performance (Consolidated)
The Companys Consolidated revenue from the sale of constructed properties and co-development rights amounted to 6,125 million, driven by income recognition in projects such as Shriram Southern Crest, Shriram Grand One, and Shriram Shankari Projects. The income from development rights represents incremental gains from landowners. The top 5 projects contributed 83% of project revenues. Development Management (DM) fees were a significant contributor, with 619 million realised from projects like Shriram WYTfield, Shriram Park 63, Shriram 107 South East, and Shriram Chirping Grove. The top 5 DM projects accounted for 57% of DM revenues. DM revenues could have been higher, but a few missed launches resulted in lower-than-expected figures. Gross margins remained healthy at 26% in FY23, driven by revenue recognition in Shriram Southern Crest and Shriram Grand One. The Companys share of profit from joint ventures was 29 million for the year. Revenue recognition from joint venture projects Shriram 107 South East and Shriram WYTfield is yet to commence, while SPLs share of operating costs in these JVs resulted in a loss for the year. These losses were partially offset by the share of profit from revenue recognition in Shriram Park 63.
Employee expenses were C787 million, up 8% YoY, reflecting normal salary hikes. As of March 31, 2023, the Company had 668 employees on its payroll. Other operating expenses amounted to C991 million, primarily comprising advertisement and sales promotion, legal and professional charges, rates and taxes, impairment losses relating to landowner receivables, provisions for joint venture obligations, and insurance, among others. The Company achieved its highest-ever EBITDA of C 1,828 million, resulting in an EBITDA margin of 22.5%. Return on capital employed (ROCE) stood at 10% in FY23 and is expected to stabilise higher over the next 12-18 months. Overall finance cost for the year was C1,062 million, primarily consisting of interest expense on term loans and non-convertible debentures. The finance costs include a non-cash charge of C 221 million related to the unwinding of discount on land cost payable in Kolkata. Tax expense, including current taxes, tax relating to previous years, and deferred tax, amounted to C33 million for the year. This includes the reversal of excess tax of C82 million related to previous years upon receipt of assessment orders from authorities. Net profit remained positive for the year, reaching C 682 million, continuing the positive momentum observed since Q3FY22. This represents a growth of 3.8x compared to FY22.
3. Dividend
To conserve long-term resources and based on the current financial performance, the Board of Directors do not recommend dividends and no amount is transferred to general reserves.
4. Subsidiaries and Joint Ventures
Given the nature of its business operations, and with a view to ring fence project risk, the Company executes individual projects in separate Special Purpose Vehicle (SPV), consistent with the industry practices. Based on the requirement of the funding investors/ landowners, the projects are being implemented through wholly owned subsidiaries or subsidiaries or joint ventures.
The details of the Subsidiaries and Joint Ventures are provided below:
Sl. No Name of the Company | Subsidiary/Joint Venture | Project |
1. Global Entropolis Vizag Private Limited | Wholly Owned Subsidiary | Shriram Panorama Hills |
2. Shriprop Builders Private Limited | Wholly Owned Subsidiary | Shriram Luxor & Shriram Earth Whitefield |
3. Shriprop Constructors Private Limited | Wholly Owned Subsidiary | Shriram Shreshta |
4. Shriprop Developers Private Limited | Wholly Owned Subsidiary | Shriram Liberty Square |
5. Shriprop Homes Private Limited | Wholly Owned Subsidiary | Shriram Solitaire |
6. Shriprop Projects Private Limited | Wholly Owned Subsidiary | Shriram Southern Crest |
7. Shriprop Structures Private Limited | Wholly Owned Subsidiary | Shriram Shankari |
8. SPL Constructors Private Limited | Wholly Owned Subsidiary | No Project |
9. SPL Shelters Private Limited | Wholly Owned Subsidiary | No Project |
10. Shrivision Homes Private Limited | Wholly Owned Subsidiary | Shriram Chirping Woods |
11. Shriram Living Spaces Private Limited. | Wholly Owned Subsidiary | No Project |
12. Shriram Upscale Spaces Private Limited. | Wholly Owned Subsidiary | Shriram Hebbal 1 |
13. Shrivision Elevation Private Limited | Wholly Owned Subsidiary | Shriram 122 West |
14. SPL Palms Developers Private Limited (formerly known as Suvilas Realities Private Limited.) | Tier II Wholly-owned Subsidiary (A wholly owned subsidiary of Shriprop Builders Private Limited) | Shriram Poem |
15. Bengal Shriram Hitech City Private Limited | Subsidiary | Shriram Grand One |
16. SPL Estates Private Limited | Tier II Subsidiary (A wholly owned subsidiary of Bengal Shriram Hitech City Private Limited) | Shriram Sunshine |
17. SPL Realtors Private Limited | Subsidiary | Shriram Surabhi |
18. Shriprop Properties Private Limited* | Joint Venture | Shriram Park 63 |
19. Shriprop Living Spaces Private Limited* | Joint Venture | Shriram 107 South East |
20. SPL Towers Private Limited* | Joint Venture | Shriram WYT Field |
21. SPL Housing Projects Private Limited* | Joint Venture | Shriram Pristine Estates |
22. Shrivision Towers Private Limited | Joint Venture | Shriram Greenfield |
23. Shriprop Hitech City Private Limited | Joint Venture | No Project |
During the year, four companies became wholly owned subsidiaries of the Company and they are:
a. SPL Palms Developers Private Limited
b. Shrivision Elevation Private Limited
c. Shriram Upscale Spaces Private Limited
d. Shriram Living Spaces Private Limited
Highlights of Performance of Subsidiaries, Associates and Joint Venture Companies
As required under Section 129 (3) of the Companies Act, 2013, the Consolidated Financial Statements have been prepared by the Company. The salient features of the financial statements of subsidiaries/associates as required in Form AOC 1 enclosed as Annexure-1 to this Report.
5. Initial Public Offer and Funds Utilisation
As reported in the last year, the Company had raised C2,504 million through a fresh issue of capital in FY22.
The Company has repaid certain loans availed by the Company and its subsidiaries from various lenders, aggregating to C2,155.37 million and utilised C304.58 million for general corporate purposes. The balance unutilised amounts were fully utilised in April 2023, to repay loans.
There were no deviations in the utilisation of funds to the object stated in the offer documents.
6. Significant or Material Orders Passed by Regulators/ Courts
During the year under review, there were no significant or material orders passed by the regulators or courts or tribunals impacting the going concern status and the Companys operations in the future.
No proceedings are pending under the Insolvency and Bankruptcy Code, 2016.
There was no instance of a one-time settlement with any Bank or Financial Institution.
7. Material changes from the date of closure of the Financial Year in the nature of business and their effect on the financial position of the Company
No material changes and commitments affecting the financial position of your Company have occurred between the end of the financial year and the date of this report, which could have an impact on your Companys operations.
8. Share Capital-Related Matters
Share Capital
The Authorized Share Capital of the Company is C2,50,00,00,000/- divided into 25,00,00,000 Equity Shares of C10 each. The Issued, Subscribed and fully Paid-up Capital as on March 31, 2023 was C1,69,96,40,880/- divided into 16,99,64,088 Equity Shares of C10 each. The Company has not issued any shares with differential voting rights, sweat equity shares during the Year.
Employee Stock Option Plan
The Company allotted 54,069 Equity Shares on April 27, 2023, on the exercise of vested ESOP Options. Consequent to the above allotment, the Issued, Subscribed and Paid-up Capital was increased to C1,70,01,81,570/- divided into 17,00,18,157 Equity Shares of C10/- each. A statement of detailed information on the options granted and vested under the Companys ESOP Plan is provided under Annexure 2 to this report. The Companys ESOP Plan 2013 was amended in July 2023 to provide clarity on certain terms, as required under the SEBI (Share Based Employee Benefit and Sweat Equity) Regulations 2021. There were no material changes to the Plan.
The disclosure required under the said Regulations is uploaded in the Weblink and can be accessed at https:// www.shriramproperties.com/company-announcements
9. Board of Directors and its Committees
Composition of the Board of Directors
The Board has six Directors comprising one Executive Chairman and Managing Director, one Non-Executive Non-Independent Director and four Independent Directors, including a woman Director. The composition of the Board of Directors complies with Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) and Section 149 of the Companies Act, 2013. The Independent Directors have confirmed that they meet the criteria of independence as specified in Section 149(6) of the Companies Act, 2013 and Regulation 25(8) of the Listing Regulations.
Changes in the Board of Directors
During the year, Mr. Ritesh Kantilal Mandot (DIN 02090270) was appointed as Nominee Director of the Company representing Omega TC Sabre Holdings with effect from April 28, 2022, who has subsequently resigned as Director with effect from January 5, 2023. Mr. S. Natarajan (DIN 00155988) has resigned as Director of the Company with effect from October 19, 2022 on attaining the age of 75 years. On sale of Shares and exit of investment by WSI/WSQI V (XXXII) Mauritius Investors Limited, its Nominee Director Mr. Raphael Rene Dawson (DIN 02108012) resigned as Director of the Company on May 31, 2023.
Basis on the recommendation of the Nomination and Remuneration Committee, Mr. Ashish Pradeep Deora (DIN 00409254) was appointed as an Additional Director (Non-Executive Non-Independent) on August 14, 2023. He will hold office until the conclusion of the forthcoming Annual General Meeting, where he will seek appointment as Non-Executive Non-Independent Director.
Directors Retiring by Rotation
Under the provisions of Section 152 of the Companies Act, 2013, Mr. M Murali, (DIN: 000360096) Chairman and Managing Director will retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.
Necessary resolutions seeking approval of the Shareholders have been placed before the Annual General Meeting for the appointments mentioned above.
Committees of the Board
The composition of various Committees of the Board and their meetings, including the terms of reference, are detailed in the Corporate Governance Report forming part of the Annual Report.
Board Meetings
The Board of Directors met 5 (five) times during the year as mentioned on the following dates.
April 28, 2022 | May 28, 2022 | August 12, 2022 |
November 14, 2022 | February 14, 2023 |
The intervening gap between the two meetings was within the period prescribed/ allowed under the Companies Act 2013, and as amended by the appropriate notifications.
Independent Directors Meeting and Declaration by Independent Directors
As per the requirements of Schedule IV of the Companies Act, 2013 and Regulation 25(3) of SEBI (LODR) Regulations, meetings of the Independent Directors were held on May 11, 2022, and March 17, 2023.
The Independent Directors of the Company have affirmed their Independence as required under Section 149(7) of the Companies Act, 2013 read with Regulation 25(8) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, confirming that they meet the criteria of Independence.
The Independent Directors have complied with the Code for Independent Directors prescribed in Schedule IV of the Act.
The Company has a Code of Conduct for the Directors and Senior Management and they have complied with the provisions of the Code.
Performance Evaluation
In compliance with the Companies Act, 2013 and Listing Regulations, the Board has carried out an Annual Performance Evaluation of its performance including the Independent Directors and its Committees in three-point metrics. The Board took on record the evaluation at their meeting held on April 28, 2022.
10. Directors Responsibility Statement
According to the information and explanations obtained, under Section 134(5) of the Companies Act, 2013, your Directors hereby confirm that:
a) in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanations relating to material departures;
b) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;
c) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.
d) the Directors prepared the annual accounts on a going concern basis. e) the Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and
f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
11. Management Discussion and Analysis Report
In terms of Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Management Discussion and Analysis (MD&A) Report forms part of this Report.
12. Business Responsibility and Sustainability Report (BRSR)
As required under Regulation 34 of the Listing Regulations, the Business Responsibility and Sustainability Report is given in Annexure -3, forming part of this report.
13. Remuneration of Directors, Key Managerial Personnel and Particulars of Employees
During the year, based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors reviewed and approved the remuneration payable to Mr. M. Murali, Chairman & Managing Director, for the reminder of his current term of two years (from April 1,2023 to March 31,2025) and the same was approved by the Shareholders by Postal Ballot.
The information required to be disclosed in the Boards Report under Section 197 of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is attached to this report as Annexure-4.
As per the second proviso of Sec 136 (1) of the Companies Act and the second proviso of Rule 5 of the Remuneration Rules, the Report and the Financial Statements are being sent to the Members of the Company excluding the statement of particulars of employees under Rule 5(2) of the Remuneration Rules. If any Member is interested in obtaining a copy thereof, such Member may write to the Company Secretary, whereupon a copy would be sent. The statement is available for inspection by the shareholders at the Registered Office during business hours.
14. Audit Related Matters Statutory Auditors
M/s. Walker Chandiok & Co LLP, Chartered Accountants (Firm Registration No.001076N/N500013), appointed as Statutory Auditors of the Company for a period of 5 years (second term) at the Annual General Meeting held in 2021.
The auditors report for the year ending FY23, forms part of this Annual Report. There are no qualifications or adverse remarks in the Statutory Audit Report on the Standalone and Consolidated Financial Statements.
Secretarial Audit
Under Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel), Rules, 2014, a Secretarial Audit for the FY23 has been carried out by Ms. Nithya Pasupathy, Practicing Company Secretary, (Membership No. FCS: 10601, COP: 22562), Partner, M/S. SPNP & Associates, Practicing Company Secretaries,
The Secretarial Audit Report is in accordance with the provisions of Section 204 of the Companies Act, 2013 is attached as Annexure-5 to this Report.
It was obseved that the Company had granted 3,32,500 options during the Year within the approved ESOP limit, but without in-principle approval from the Stock Exchanges. The Company has already filed the necessary application seeking in-principle approval and also made a condonation application to SEBI through the Stock Exchanges for condoning deviation. The outcome of the application is awaited.
The Secretarial Audit Report of Material Subsidiaries are also attached with this report, as required under SEBI LODR Regulations.
Cost Audit
Based on the recommendations of the Audit Committee, the Board of Directors have re-appointed M/s. SBK & Associates, Cost Accountants (Registration No: 000342) as the Cost Auditors of the Company for FY24. In terms of Rule 14 of the Companies (Audit and Auditors) Rules, 2014, the remuneration payable to the Cost Auditors for FY24 is subject to ratification by the Shareholders of the Company. The Notice convening the Annual General Meeting contains the proposal for ratification of the remuneration payable to the Cost Auditors.
15. Fraud Reporting
There have been no instances of fraud reported by Auditors under Section 143(12) of the Companies Act, 2013 and Rules framed thereunder either to the Company or the Central Government.
16. Internal Audit and Internal Financial Control
The Company has an Internal Financial Control System commensurate with the size, scale and complexity of its operations. The system is proper and adequate to ensure that all the assets of the Company are safeguarded and protected against any loss and that all the transactions are properly authorized and recorded.
Ernst & Young LLP were appointed as Internal Auditors for a period of 3 years in 2020 and they are presenting their report on the process followed by the Company in each department, adequacy of the systems, compliance and the Internal Financial Control System. Their reports are being monitored by the Audit Committee of the Company from time to time.
17. Policy Matters
In compliance with the provisions of the Companies Act 2013 and SEBI (Listing Obligation and Disclosure Requirement) Regulations, (LODR Regulations), as amended from time to time, the Company has adopted the following policies, which are also uploaded on the Website of the Company.
a) Board Diversity Policy.
b) Boards Performance Evaluation Policy.
c) Code of Conduct for the Directors, Key Managerial Personnel and Senior Management.
d) Code of Internal Procedures and Conduct for Regulating, Monitoring and Reporting of Trading by Insiders.
e) Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information.
f) Corporate Social Responsibility Policy.
g) Dividend Distribution Policy.
h) Document Retention and Archival Policy.
i) Familiarisation Programme for Independent Directors.
j) Policy on Determination of Materiality for Disclosures.
k) Policy on Determining Material Subsidiary.
l) Policy on Succession Planning for the CEO, Directors, Key Managerial Personnel, Senior Management Personnel and Other Employees.
m) Related Party Transactions Policy.
n) Remuneration Policy of Directors, KMPs and Other Employees.
o) Vigil Mechanism and Whistle-blower Policy.
All policies can be viewed on the Website of the Company at https://www.shriramproperties.com/corporate-governance The policies concerning Business Responsibility and Sustainability, which form part of the BRSR Report have been appropriately disclosed in the Report.
Corporate Social Responsibility
In compliance with Section 135 of the Companies Act, 2013 and the Rules made thereunder, the Company has constituted the Corporate Social Responsibility Committee and has adopted a policy on Corporate Social Responsibility (CSR). .
The CSR Committee at their meeting held on March 27, 2023, recommended and the Board approved the entire CSR spendable amount of C 1.27 million as a contribution to Prime Ministers Citizen Assistance and Relief in Emergency Situations Fund (Prime Minister CARES fund), for the financial year 2022-2023.
In terms of Section 134 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, the Annual Report on the Corporate Social Responsibility activities of the Company is given in Annexure -6 to this report.
Risk Management Framework
Risk Management is an integral part of the Companys strategy and planning process. Based on proactive identification of risks, action plans are devised to mitigate the risks that could materially impact the Companys long-term sustainability and accordingly, your Board has constituted a Finance and Risk Committee which will oversee the risk management process in the Company.
Vigil Mechanism
The Company has a vigil mechanism in the form of Whistle Blower Policy, in line with the Companies Act, 2013, to deal with instances of unethical and improper conduct and to take suitable steps to investigate and correct the same. The details of the Whistle Blower Policy are posted on the Companys website.
18. Disclosure under the sexual harassment of women at workplace (prevention, prohibition and redressal) act, 2013
The Company has adopted a policy for the prevention and redressal of sexual harassment in the workplace. Under the provisions of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013, the Company has in place an Internal Complaints Committee for the prevention and redressal of complaints of sexual harassment of women at the workplace. No complaints were received by the Company during the year under review.
19. Other Matters Debentures
The Company has outstanding Unlisted, Secured Non-convertible Debentures as on March 31, 2023, aggregating to C300 million.
Deposits
The Company has not accepted any deposits in terms of Chapter V of the Companies Act, 2013 read with the Companies (Acceptance of Deposit) Rules, 2014, during the year under review. As such, no amount of principal or interest was outstanding as on the date of this report.
Transfer to Investor Education and Protection Fund
The Company was not required to transfer unclaimed dividends in the Company to the Investor Education and Protection Fund.
Human Resources:
Employee Relations remained cordial throughout the year at all levels. Your Company would like to express its appreciation for all the hard work, dedication and efforts put in by all the employees.
As on March 31, 2023, the Company had an employee strength of 668, including including those in its subsidiaries, associates and jointly controlled entities.
Awards and Accolades
During FY23, the Company was conferred various awards and recognitions, the details of which are given in a separate section of the Annual Report.
20. Corporate Governance Report and Compliance Certificate
Under Regulation 34(3) read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a separate report on Corporate Governance is provided forming part of this report. A certificate from Ms. Nithya Pasupathy, Practicing Company Secretary, Partner SPNP & Associates, affirming compliance with the various conditions of Corporate Governance in terms of the Listing Regulations is given in Annexure 7 to this report.
21. Annual Return
In accordance with the Companies Act, 2013, the annual return in the prescribed format is available under the link https://www.shriramproperties.com/annual-report.
22. Disclosure on confirmation with Secretarial Standards:
The Directors confirm that the mandatory Secretarial Standards on Board and General Meetings issued by the Institute of Company Secretaries of India under the applicable provisions of the Companies Act, 2013 and rules made thereunder, have been duly complied with.
23. Particulars of loans, guarantees or investments
Details of loans, guarantees and investments covered under the provisions of Section 186 of the Companies Act, 2013 form part of the notes to the Financial Statements.
24. Particulars of contracts or arrangements with related parties
All contracts/arrangements/transactions entered into, by the Company during the Financial Year, with Related Parties were in the ordinary course of business and on an arms length price basis. Related party transactions were approved by the Audit Committee from time to time. The related party transactions undertaken during FY23 are detailed in the Notes to Accounts of the Financial Statements. The Material related party transactions for FY24 were reviewed and recommended by the Audit Committee and Board was approved by the shareholders through a postal ballot on July 13, 2023.
Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo
The information on the conservation of energy, technology absorption and foreign exchange earnings and outgo as stipulated under Section 134(3) (m) read with Rule 8 of the Companies (Accounts) Rules, 2014 is attached to this report as Annexure 8.
25. Acknowledgments
The Board of Directors take this opportunity to sincerely thank the Companys valued Customers, Suppliers, Vendors, Investors, Bankers and Shareholders for their trust, confidence and continued support of the Company. The Board expresses its deepest sense of appreciation to all the employees at all levels whose professional and committed initiative has laid the foundation for the Companys growth and success. We thank the Government of India, the State Governments and other Government Agencies for their assistance and cooperation and look forward to their continued support in the future. Finally, the Board would like to express its gratitude to the members for their continued trust, cooperation and support.
For and on behalf of the Board |
Murali Malayappan |
Chairman and Managing Director |
DIN: 00030096 |
Place: Bengaluru |
Date: August 14, 2023 |
Registered Office: |
Lakshmi Neela Rite Choice Chamber, New No.9, Bazullah |
Road, T.Nagar, Chennai – 600017 |
CIN: L72200TN2000PLC044560 |
Corporate Office: |
Shriram House, No.31, 2nd Main, T. Chowdaiah Road, |
Sadashivnagar, Bengaluru-560080. |
Tel: 044-40014410 |
e-mail: cs.spl@shriramproperties.com |
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www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Copyright © IIFL Securities Ltd. All rights Reserved.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This certificate demonstrates that IIFL as an organization has defined and put in place best-practice information security processes.