The country’s tenth largest real estate firm on the basis of its marketcap, Parsvnath, on Thursday reported 27% decline in its net profit at Rs 73.959 crore for the quarter ended June 30, as against Rs 102.175 crore in the corresponding quarter last year. During the period, the company’s total income also went down by 8% at Rs 380.746 crore, as against Rs 414.46 during the corresponding quarter of the previous fiscal.
“Our first quarter numbers are in line with our targets and plans, though the investors in the market at large has shown resistance but I am happy that the actual buyer is interested in the property”, said Pradeep Jain, chairman, Parsvnath Developers Ltd. Jain said that, “The long-term actual demand in the residential, commercial, hotel, and IT sectors remains intact despite so much of temporary turbulence. Also, according to the eleventh plan, the housing shortage in India will increase to 26 million units, which makes it evident that the residential sector will grow manifold”.
The company’s shares on the Bombay Stock Exchange closed at Rs 111.75, down 0.89% compared to the previous close of Rs 112.75% Parsvnath recently acquired a 38% stake in Sabeer Bhatia and HSIIDC-promoted Nanocity, Haryana Infrastructure Ltd, to develop a knowledge city spread over an area of 11,000 acre in Panchkula near Chandigarh. It has also unveiled a plan for developing a new luxury mall complex in the heart of Delhi at Connaught Place through its subsidiary ‘Primetime Realtors Pvt Ltd’, where it has proposed to build luxury shopping and state-of-the-art offices.
It is setting up a pharmaceutical SEZ in Nanded, Maharashtra, which is spread over a total area of 370 acre. The SEZ is being developed in a JV with MIDC.