Delhi-based realty firm Ansal API is looking at raising funds by diluting its stakes at project levels to fast-track the development of its housing and commercial projects. The company recently got valuation of its land bank done by a renowed international property consultant. Accordingly, the valuation of its land bank as on October 31, 2009, has been pegged at Rs 5,000 crore (post tax). According to a valuation report, the net asset value per share of the company was calculated at Rs 400, a person having direct knowledge of the development said. However, the figures could not be independently confirmed by company officials.
When contacted, an Ansal API spokesperson declined to comment stating that it?s an internal matter. According to the report, the company has a land bank totaling around 6,200 acres. The company?s debt equity ratio at present is 1:1. Its land bank includes around 25 projects spread across National Capital Region, out of which 12 are being developed through joint ventures. Meanwhil,e Ansal API on Monday posted a net profit of Rs 32.70 crore, up 300% against the same period of the previous fiscal. The company?s consolidated revenues increased 32% to Rs 280 crore from Rs 211 crore recorded in the year-ago period. Ansal also saw its Ebidta margin increase by 787%. The rising demand in the residential housing segment, coupled with launches of new projects, helped APIL achieve better financial performances in the just concluded quarter. Ansal API vice-chairman and managing director Pranav Ansal said that the reason for the increased performance during the October?December period should be attributed to the company?s strategy to focus on the mid-income and affordable housing segments in the residential realty sector.
Ansal API has lined up a series of new project launches . The new projects will include new township/group housing projects in NCR, Haryana, UP and Punjab, retail (mall) projects in Punjab and industrial park and IT SEZ projects in NCR, Haryana and Punjab.