Sri Lotus Developers Struggles with Profitability Dip Post-IPO

Sri Lotus Developers and Realty Ltd has unveiled a significant reduction in its consolidated net profit, marking a 36 per cent decline to Rs 25.78 crore for the first quarter of this fiscal year. This contrasts sharply with the Rs 40.16 crore profit recorded in the previous year.

The company's total income also saw a downward trend, decreasing to Rs 68.09 crore in the April-June quarter, a stark fall from Rs 122.46 crore during the same period last fiscal year. The figures were released in a regulatory filing on Tuesday.

Despite the recent challenges, Sri Lotus Developers celebrated its debut on the stock exchanges earlier this month, following a successful Initial Public Offering (IPO) that had initially generated optimism among investors.

(With inputs from agencies.)