Modern India records 180% growth in income

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Modern India records 180% growth in income

Modern India Ltd., income from operations was Rs. 5103.10 lacs, a 180.83% growth from Rs. 1817.13 lacs for the same period last fiscal. The PAT of the company is Rs. 139.23 lacs, up from Rs. 113.30 lacs for the corresponding period in FY 2007, a rise of over 22.88%.

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Modern India Ltd., a conglomerate with a focus on real estate sector announced excellent results for the first quarter of the 2009 fiscal. During the period, income from operations was Rs. 5103.10 lacs, a 180.83% growth from Rs. 1817.13 lacs for the same period last fiscal. The PAT of the company is Rs. 139.23 lacs, up from Rs. 113.30 lacs for the corresponding period in FY 2007, a rise of over 22.88%.

Revenues from Modern India's Business Centre have gone up to Rs. 294.28 lacs, on the back of high rentals. The Company's business centre at Mahalaxmi called "Modern Centre" has a built-up area of about 150,000 sft. It has renewed three facility agreements at monthly rentals of Rs.250/- to Rs.260/- per sft.

Pursuant to the goal of obeying SEBI directives, Modern India has increased the number of shares in the market to 5075187.

Announcing the results, Mr. Vijay Kumar Jatia, Chairman & Managing Director of Modern India Ltd. said, "We are quite pleased with our present turnover and going forward, we hope to maintain the growth pitch. Currently we foresee steady growth of income from lease rentals and are also developing Electronic Hardware, Software including IT/ITeS SEZ at Khopoli, Dist. Raigad, in Maharashtra and plans are being firmed up to develop Free Trade Warehousing Zone in Taluka Panvel, Dist. Raigad in Maharashtra."

The Company has subscribed to 51% Equity Shares of Modern India Free Trade Warehousing Pvt. Ltd., a SPV set up to carry on the on the business of the same in Raigad district. Modern India has also received necessary approval from the state government for development of Mill land near Mahalaxmi station and at Elphinston Road, Mumbai as per DC regulations.  Plans are being firmed up to re-develop about 800,000 sqft. of commercial space at these locations.