New Delhi: Realty firm Parsvnath Developers
today reported a nearly three-fold jump in its net profit at
Rs 61.42 crore for the quarter ended September 30, mainly due
to equity sale in one of its projects in the national capital.
The company had posted a net profit of Rs 21.90 crore in
the second quarter of the previous fiscal.
Parsvnath's total revenue, however, declined to Rs 200.77
crore from Rs 226.36 crore in the review period.
"Our profit has increased on account of three factors —
sale of 4 per cent equity for Rs 25 crore in La Tropicana
housing project in Delhi, various cost-cutting measures and we
have written-back tax expense," Parsvnath Chairman Pradeep
Jain told reporters here.
The firm has cut down its employees strength by 60-70
people, which helped it save about Rs 1 crore a month, he
said.
Besides, he said the company has written back Rs 19.86
crore of tax expenses as the government has extended the
incentive provided for development of affordable houses under
Sec 80IB(10) of the Income Tax Act.
On debt position, Jain said it stands at Rs 1,590 crore
as of September 30 and plans to reduce the borrowings to Rs
800-900 crore by the end of this fiscal.
Noting that sentiments in property market have improved
in the last six months, he said the company has sold about 500
units across all segment during the second quarter.
Bureau Report
First Published: Wednesday, October 14, 2009, 22:12