New Delhi: Led by its expansion in smaller cities, real estate developer Ansal Properties & Infrastructure Ltd (Ansal API) posted nearly a 144% increase in its net profit for the quarter ended March 2007 at Rs41.49 crore, compared with Rs17.03 crore in the year-ago period.
The company’s revenue grew 96% to Rs258.08 crore, against Rs131.18 crore during the same period last year.
“I think the growth has been on account of our choice of projects,” Kunal Banerji, vice-president, marketing and corporate communications, said. “We decided to expand into tier-II cities after being predominantly present in the National Capital Region. This has paid off as there is demand for property in these cities.”
For the full year ended March, Ansal’s revenue was Rs881.56 crore, compared with Rs377.02 crore last fiscal, an increase of 134%.
The company’s net profit grew 190% to Rs138.28 crore in fiscal 2007 from Rs47.68 crore a year ago.
For the year ended March, the company’s board has recommended a dividend of 25% (including payment of an interim dividend of 15 %).
The company’s shares closed 3.35% higher at Rs282.25 on the Bombay Stock Exchange.