Parsvnath Developers records 110.05% increase in net profit

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Parsvnath Developers Ltd, India's leading real estate developer with a pan India presence, recorded consolidated revenues of Rs 412.71 crore for the quarter ended September 30, 2007, an increase of 40.67% from Rs 293.34 crore in the corresponding quarter last fiscal. EBITDA was at Rs 161.22 crore, an increase of 114.09% as compared to Rs 75.31 crore in Q2 FY07. Net profit stood at Rs 102.77 crore, up by 110.05% from Rs 48.93 crore. The non annualized EPS at the end of the quarter was at Rs 5.56.

 

The operating margins increased to 39.06% from 25.67% in the corresponding quarter last fiscal. The net margins also saw an increase to 24.90% as compared to 16.68% in Q1 FY07.

 

Commenting on the company's performance and future plan, Mr. Pradeep Jain, Chairman, Parsvnath Developers Limited, said, ". With a significant increase in both consolidated revenues and net profit for the quarter, we are extremely happy with our performance in this quarter and expect them to continue showing an upward trend in the coming quarters. This quarter was very significant for us as we have launched our ambitious project "Prideasia", at Chandigarh. 

 

Highlight of Q2 FY08

 

Launched "Prideasia" - A luxury township at Chandigarh

Parsvnath Developers Ltd has announced the launch of the first phase of most exquisitely designed, 123-acre luxurious township in Chandigarh named "Parsvnath Prideasia". This township is the first of its kind and having a saleable area of 4.4 mn sq.ft  with a realizable value of Rs.4000 Crores (1 billion US$).   The launch of Phase I has got very good response and we are able to book  164 units with a sale value of Rs. 265 crores.  The construction on the project will be commenced in the coming quarter and the project will be completed in 3 years time.  We are going to launch the second phase of the project shortly.

 

Application for  Telecom license

 

The company has applied for the license to the Department of Telecom for providing Unified Access Services in 22 telecom circles across the country.   The license for Unified Access Services would entail a 2G license for GSM and a triple play of various services like IPTV, Wi-Max, internet, broadband and any other services relating to the signal.   

 

Overseas Plan

 

Parsvnath has decided to venture into offshore real estate development in countries like UK, Singapore, UAE, Muscat, Bahrain and Mauritius.  It would undertake the real estate development by tying up with the local partner.  In line with this strategy,  Parsvnath has tied up with Al-Hassan Group of Industries, Oman, Muscat.

 

Hotels

 

PDL has currently 17 hotel projects with 2400 no. of rooms.  Construction work at 5 hotels have already started.

• PDL will focus on Hotel Development and Construction
• Internationally recognized operators will manage the Hotels.  We are in the advance stage of finalizing the Branding, Management and Operations of all these hotels with leading national and international hotel chains.  

SEZ

 

• During this quarter, Parsvnath has received its notification for IT / ITES SEZs at Gurgaon, Indore and Dehradun .
• Parsvnath is having 12 SEZs with a developable area of 218 mn. Sq.ft.
• Parsvnath has already acquired land for 6 SEZs with a developable area of 56.96 mn. Sq.ft
• For rest of the SEZs, we are in the process of acquiring land.
• The SEZ business is being conducted in "Parsvnath SEZ Ltd., a Subsidiary of Parsvnath Developers Ltd.,  

Projects Highlight

 

The company now has 191 mn. sq. ft. of developable area including 6 SEZs with developable area of 56.96 mn. sq.ft.  PDL has already commenced work on 76 mn. sq.ft and expects that construction work on remaining would start in the current fiscal.   The total development cost including land cost, construction and development cost for the total area apprx. Rs.27118 crores.  The projects of the company are spead across 48 cities and 17 states.   The number of on going projects has increased to 117 across verticals.   The company has also added 45 employees in the quarter and now has 970 employees.

 

Sourced From: Adfactors Public Relations Pvt Ltd