KOCHI: Skyline Foundations and Structures Private Ltd (SFSPL) posted a net profit of Rs47.42 crore for the financial year 2023-24 (FY24), marking a 15 per cent year-on-year increase from ₹41.21 crore in FY23.
The company’s net worth also grew steadily, rising to Rs299.51 crore in FY24 from Rs252.30 crore in FY23 and Rs211.09 crore in FY22.
Skyline Foundations net sales improved to Rs218.28 crore in FY24, up from Rs188.93 crore in the previous year and Rs137.17 crore in FY22. Despite this growth, the operating profit before depreciation, interest, and tax (OPBDIT) margin saw a marginal dip, standing at 21.99 per cent in FY24 compared with 22.03 per cent in FY23.
With an extensive portfolio, Skyline Foundations has completed 77 real estate projects covering 71.20 lakh square feet, of which 73 are residential developments spanning 68.62 lakh square feet.
The company is currently executing 10 residential projects totaling 11.63 lakh square feet, with plans to launch three additional projects covering 3.36 lakh square feet next year, accordimng to a CRISIL report.
Ongoing projects
Among the ongoing projects, five are in Thiruvananthapuram and five in Kochi, reinforcing its presence in the Kerala market. The company’s ability to diversify into new geographies and segments remains a key factor to watch.
Incorporated in 2004, SFSPL was founded by Srikant Krishnan and Lava Krishnan, who bring over four decades of experience in Kerala’s real estate market. The company enjoys a strong brand reputation, particularly in the residential segment of Thiruvananthapuram.
Beyond real estate, Skyline Foundations operates two hotels in Thiruvananthapuram under the Homebridge brand and offers interior design services through Vista, alongside rental and homecare services.
Recognising its execution capabilities, CRISIL has reaffirmed Skyline Foundations’ real estate developer grading at ‘DA2+’, signifying a very good ability to deliver projects on time, with quality compliance and clear title transfers.
The rating highlights the company’s proven execution track record, strong brand presence in Kerala, experienced management, and robust financial position, supported by healthy bookings and timely receipt of customer advances. However, CRISIL also noted the developer’s high geographical concentration in Kerala and limited diversification into commercial and retail segments as factors to monitor.
