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Parsvnath posts 108% increase in net profit

Parsvnath posts 108% increase in net profit
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First Published: Thu, Jan 31 2008. 02 50 PM IST
Updated: Thu, Jan 31 2008. 02 50 PM IST
New Delhi: Parsvnath Developers Ltd has recorded an increase in consolidated revenues by 62% at Rs497.09 crore for the quarter ended 31December, 2007 from Rs306.39 crore in the corresponding quarter last fiscal.
EBITDA stood at Rs186.65 crore during the quarter registering an increase of 99 % as compared to Rs93.75 crore in Q3 FY07. The company’s net profit stood at Rs112.57 crore, up by 109 % from Rs53.87 crore in Q3 FY07. The non annualized EPS at the end of the quarter was at Rs6.09.
The operating margins also showed an upward trend, growing to 36.30% from 29.35% in the corresponding quarter last fiscal. The net margins saw an increase to 22.65% as compared to 17.58 % in Q3FY07. The company has incorporated four subsidiaries during Q3FY08 and launched four residential projects, three commercial and one township at Indore.
Announcing the results, Pradeep Jain, Chairman, Parsvnath Developers Limited, said, “There is no slow-down in demand for the end user. In fact, there is an incremental surge in demand in tier-2 and tier-3 cities. We have added 20 million sq. ft. of developable area to increase the land bank to 209 million sq ft in a short span of three months.”
The company has launched the second phase of a 123-acre luxurious township in Chandigarh on a saleable area of 4.4 mn sq.ft with a realizable value of Rs4000 crore.
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First Published: Thu, Jan 31 2008. 02 50 PM IST