Modern India estimate's project cost of FTWZ at Rs 375 cr

Modern India has announced it's  Quarter 1, FY09 results. Here are the key concall take aways........

Income form Operations stand at Rs 5103.10 lakhs and the profit before tax stands at Rs 173.88 lakhs.

During the quarter income from operation was up 180.83% and profit after tax 22.88%.  EPS for the quater on Rs. 2/- paid up share was at Rs. 0.37

In Q1 FY09 revenue from business center has gone up to Rs 294.28 lakhs on the back of high rentals.

During the year Company has renewed four facility agreements at monthly rentals between Rs. 250/- to Rs. 260/- per sft.

Currently about 86.50% of equity capital of the company is held by Promoters and plans are afoot to increase float in the market as per SEBI directives.

The company has filed plans with BMC for development of land bank at Mahalaxmi and would be developing/ redeveloping its Land Bank in two phases, The Phase I will involve Gross leasable area [GLA] of 3,50,000 sq. ft and Phase II will involve development of about 4,50,000 sq. ft GLA.

Primary estimate of Project cost of FTWZ is estimated at Rs 375 crores to be met through equity, internal accruals and debt.

for more details listen to concall........