Parsvnath Developers Q1 net dips 81%

Last Updated: Thursday, July 30, 2009 - 21:41

New Delhi: Realty firm Parsvnath Developers
Ltd on Thursday reported 81 per cent decline in its consolidated
net profit at Rs 13.81 crore for the quarter ended June due to
slowdown in property demand, particularly in housing.

The net profit stood at Rs 73.97 crore in the same period
last fiscal.

The revenue fell by 69 per cent at Rs 115.30 crore during
April-June quarter of 2009-10 fiscal from Rs 376.42 crore in
the year-ago period.

However, Parsvnath`s net profit has increased by 19 per
cent and revenue grew nearly five-folds from the last quarter
of the 2008-09.

"Industry was on a boom till June last year. But after
that meltdown started. Now, since the formation of the new
government, sentiments in the property market has improved and
there are signs of revival. That`s why our revenue and net
profit have increased if compared with the previous quarter,"
Parsvnath Chairman Pradeep Jain said.

However, he said it would take time for the market to
reach the peak again.

Jain said the company`s debt stands at Rs 1,600 crore and
the company plans to reduce it to Rs 600-700 crore by the end
of this fiscal. The company`s land bank stands at 193 million
sq ft, of which development is undergoing on 80 million sq ft.

"We are planning to deliver 30 million sq ft to customers
in next two years," Jain said.

Bureau Report

First Published: Thursday, July 30, 2009 - 21:41

More from zeenews

comments powered by Disqus