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Business News/ Companies / Company-results/  Parsvnath Developers posts `14.54 crore net profit in Q4
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Parsvnath Developers posts `14.54 crore net profit in Q4

The company plans to substantially lower debt this financial year through internal cash flows, says chairman

A file photo of Parsvnath Developers project in Gurgaon. Parsvnath is gearing up to launch an integrated township project on 104 acres of land in Sohna, close to Gurgaon. Photo: Ramesh Pathania/Mint (Ramesh Pathania/Mint)Premium
A file photo of Parsvnath Developers project in Gurgaon. Parsvnath is gearing up to launch an integrated township project on 104 acres of land in Sohna, close to Gurgaon. Photo: Ramesh Pathania/Mint
(Ramesh Pathania/Mint)

Bangalore: Delhi-based Parsvnath Developers Ltd swung to a net profit of 14.54 crore in the March quarter from a net loss of 23 crore a year ago when the earnings were dragged down by a higher tax liability.

Total income, however, fell 17.06% to 181.8 crore.

Parsvnath recently launched a scheme allowing buyers to pay 25% of the price of a residence at the time of booking and the rest at the time of possession, chairman Pradeep Jain said in a statement on Tuesday. This is aimed at wooing buyers.

The scheme is applicable to 20 projects that are under fast-track execution in New Delhi, Greater Noida, Ghaziabad, Sonepat, Dharuhera, Moradabad, Ujjain, Saharanpur, Bhiwadi, Panchkula and Rajpura.

Parsvnath is also gearing up to launch an integrated township project on 104 acres of land in Sohna, close to Gurgaon.

“The final master plan for residential zone on Sohna has been notified by the Haryana government. We have applied for licences to develop the project which will consist of plotted developments as well as group housing," said Jain. “We will start execution as soon as we receive the approvals."

As a strategy, the company is focusing on faster execution, Parsvnath said.

The company plans to substantially lower debt this financial year through internal cash flows, Jain said over the phone from Delhi after the results were announced after market hours. Parsvnath’s net debt in the March quarter remained unchanged from about 1,200 crore in December.

Parsvnath ended Tuesday, up 0.15% at 34.50 on BSE, while the Sensex rose 0.65% to 20,160.82 points.

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Published: 28 May 2013, 07:19 PM IST
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