Mumbai: Ashok Piramal group’s real estate arm Peninsula Land Limited has reported a 62% increase in the net profit for the quarter ended 30 September at Rs55 crore compared to the corresponding quarter last year.
On a quarter-on-quarter basis, PLL has reported a 75% growth in its net profit for the September quarter as against the June quarter this year.
Commenting on the results, Rajeev Piramal, executive vice chairman, Peninsula Land Limited said, ‘As a company our strategy has always been to mitigate risk as far as possible and we have been able to do so by pre-selling large portions of our existing projects”.
PLL currently has about 35 mn sq ft. under development. Piramal said that funds for the existing projects have already been tied up and hence there would not be any delay in execution of these projects.