Parsvnath Developers Q3 loss at Rs15 crore

Parsvnath Developers’ third quarter income from operations fell to Rs55.15 crore during from Rs67.83 crore in the year-ago period


Parsvnath Developers had posted a third-quarter net loss of Rs3.93 crore in the year-ago period. Photo: Ramesh Pathania/Mint
Parsvnath Developers had posted a third-quarter net loss of Rs3.93 crore in the year-ago period. Photo: Ramesh Pathania/Mint

New Delhi: Realty firm Parsvnath Developers Ltd on Saturday reported a net loss of Rs15.06 crore during the third quarter of this fiscal on lower sales.

Its net loss stood at Rs3.93 crore in the year-ago period, the company said in a regulatory filing. Income from operations fell to Rs55.15 crore during the December quarter from Rs67.83 crore in the year-ago period.

“Focusing on the strategy of execution of the projects, the company offered approximately 200 units in the quarter,” the company’s chairman Pradeep Jain said. The government’s initiative of granting infrastructure status to the affordable housing segment in the Union Budget 2017-18 would be helpful in lowering the cost of funds for the developers.

“This will certainly boost developers to come up with more affordable housing projects and make Housing for All a reality,” he added. Jain said the infra status along with other policy reforms like real estate regulatory law and demonetisation would bring transparency in the system and reinstate the trust of the end users in credible real estate developers.

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