KOCHI: Despite the growing pressure on margins in the real estate sector in Kerala due to the substantial increase in the building material prices, Skyline Foundations and Structures Pvt Ltd (SFSPL) – SFS has improved its performance.
During the financial year 2023-24 (FY24), the net profit of Skyline grew 19 per cent to Rs48.8 crore compared with Rs41.2 crore in the previous year, according to reliable sources.
The operating income has witnessed a considerable growth in FY24 to Rs259.7 crore compared with Rs206.1 crore reflecting a 26 per cent year on year (YoY) growth.
Interest coverage ratio
Skyine operates on a low debt of Rs15 crore term loan from Axis Bank and hence the company’s interest coverage ratio stays at an attractive 56.1 times.
SFSPL was incorporated in 2004 by the brothers, K. Lava and K. Srikant. Skyline is one of the largest residential real estate developers in the Kerala market.
According to a document, the company has developed 76 real estate projects with an overall development of 6.9 million square feet (msf).
In addition, the company has nine ongoing real estate projects comprising one million square feet (msf) of area, as on July 31, 2024.
The company also operates hotels with 27 suite rooms located near Technopark, Thiruvananthapuram and 28 suite rooms located at Vellayambalam.
