Real estate major Parsvnath Developers, on Friday, posted a dip of 17.79% in net profit for the fourth quarter ended March31, 2008 at Rs 108.88 crore as against Rs 132.44 crore in the corresponding period last year. The company’s total income during the last quarter grew by 31.05% to Rs 540.22 as compared to Rs 412.24 in the last quarter of 2006-07, it said in a filing to the Bombay Stock Exchange.
For the fiscal year ended March 31, the company registered a growth of 45.23% in net profit at Rs 429.39 crore as against Rs 292.22 crore in 2006-07. Total income went up from Rs 1534.50 crore in FY ’07 to Rs 1837.12 crore in FY ’08, a growth of 19.72%. For the fiscal 2007-08, the company’s board of directors has declared a dividend of 30% for every share of Rs 10.
“Our strategy of spreading our operations in multiple geographies across India has resulted in increase of our land bank to 211.32 million sq feet with 77 million sq ft under construction excluding SEZs,” Pradeep Jain, chairman, Parsvnath Developers Ltd said while announcing the company’s results. Parsvnath Developers Ltd is in advanced talks with a Singapore-based real-estate company for hospitality and real-estate joint ventures, Jain said. “We hope to close some of the transactions in the next few months,” he added.
The company, with a pan India presence, has recently announced several joint ventures to increase its presence in the domestic as well as the global market. It has earmarked an investment of Rs 500 crore over three-to-five year to jointly develop 10 hotels with Royal Orchid Hotels. It has also entered into a joint venture with Fortune Park Hotels, a wholly owned subsidiary of ITC Ltd, to manage 50 hotels across the country over the next three-five years at an investment of Rs 2,500 crore.