Properties in India

Parsvnath: Net profit of Rs 1.02 billion in first Q of FY07

Monday, July 30, 2007

India's leading Real estate company Parsvnath Developers Limited has posted a net profit of Rs 1.02 billion (Rs 102.18 crore), up by 179.56 per cent from Rs 365.5 million (Rs 36.55 crore) in Q1 FY07.

The company recorded consolidated revenues of Rs 4.14 billion (Rs 414.46 crore) for the quarter ended 30 June, 2007, an increase of 66.44 per cent from Rs 2.49 billion (Rs 249.01 crore) in the corresponding quarter last fiscal. EBITDA was at Rs 1.52 billion (Rs 152.14 crore), an increase of 162.31 per cent as compared to Rs 580 million (Rs 58 crore) in Q1 FY07.

The operating margins increased to 36.70 per cent from 23.29 per cent in the corresponding quarter last fiscal. The net margins also saw an increase to 24.65 per cent as compared to 14.68 per cent in Q1 FY07.

After attaining leading place in real estate in India, Parsvnath also has strong plans to venture into international real estate development with its initial focus to captative markets of countries like the UK, Singapore, the UAE, Muscat, Bahrain and Mauritius. It may also go for tie-ups with the local partner for the real estate development. And following this plan of action, PDL has already tied up with Al-Hassan Group of Industries, Oman, Muscat.

“While we are strengthening our presence across various demographies and verticals in India, we are now taking PDL to next level of maturity by undertaking real estate development in overseas markets. This would help in risk and asset diversification, besides adding growth for company’s shareholders.” As per Mr Pradeep Jain, the chairperson .

PDL has also got plans to launch Parsvnath Pride Asia, an integrated township project in Rajiv Gandhi Technology Park, Chandigarh by mid-August 2007. This project will be covering 129 acre area, with developable area of 4.4 mn sq ft and realisable value of Rs 34 billion (Rs 3400 crore). The township would include shopping malls with multiplexes, five star service apartments, super deluxe club with resort, sports center with sports stadium and also have water sports.

Well.. You all are also aware that recently Parsvnath has also announced to to develop as many as 114 multiplex screens across India.

Labels: Chandigarh Properties, Parsvnath Developers, Real estate developers, Real Estate Investments India

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