Parsvnath Q3 net profit surges two-fold

Written by Agencies | New Delhi, January 31: | Updated: Jan 31 2008, 23:00pm hrs
Increasing demand for property in the smaller cities and capabilities to execute the project in-house have helped the real estate firm, Parsvnath Developers, to post more than two-fold jump in its net profit at Rs 112.57 crore for the quarter ended December 31, 2007.

The companys consolidated net profit stood at Rs 53.87 crore in the corresponding quarter of previous fiscal.

The consolidated revenue increased by 62 per cent at Rs 497.09 crore for the third quarter of 2007-08 fiscal, compared to Rs 306.39 crore in the corresponding quarter last fiscal.

The demand from end-users have grown substantially in tier II and tier III cities. Also, our capabilities to execute projects in-house have led to a robust growth in this quarter, Parsvnath Developers Chairman Pradeep Jain said.

The net profit reported at Rs 317.52 crore, rose over two-fold in the nine-month period, from Rs 139.34 crore.

The consolidated revenue of the firm for the nine-month period was recorded at Rs 1,324.27 crore at the end of December 2007 as against Rs 848.75 crore, up 56 per cent.

Jain said the company has added 20 million sq ft of developable area to increase the land bank to 209 million sq ft in a short span on three months.

Giving major highlights of the third quarter, Jain said the company has incorporated four subsidiaries and launched eight projects across the country, besides completing four projects in the period.

The company plans to start the construction work of the four notified Special Economic Zones (SEZs) in the current quarter.

Apart from the SEZs, we will also start atleast 7-8 residential, commercial and township projects in this quarter, he added.