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Real estate revenues to start kicking in FY08: Nitco Tiles
Profits for Nitco Tiles are up by 40%, PATY is up by 34%. Vivek Talwar, MD at Nitco Tiles told CNBC-TV18 said we hope to see revenues from real estate kicking in this year.
Profits for Nitco Tiles are up by 40%, PATY is up by 34%. Vivek Talwar, MD at Nitco Tiles told CNBC-TV18 said we hope to see revenues from real estate kicking in this year.
Excerpts from CNBC-TV18's exclusive interview with Vivek Talwar:
Q: Take us through the profit picture and margins picture as well?
A: Gross sales this year are Rs 650 crore as opposed to Rs 470 crore last year. The profit is up by 40%. Profit After Tax (PAT) was about Rs 38 crore last year, this year it is Rs 51 crore and we are up by about 34%.
Q: It looks like there is a pressure on margins. How was the margins picture and do you see it panning out in FY08?
A: Margins are almost maintained and the reasons why the picture is looking like this is that we have added on the cement business, which is a lower margin business. But our core tiles business continues to maintain the margin that we had last year.
Q: What is the development on the foray into the real estate business and can we expect some sort of listing of Nitco Realty this year?
A: I hope so because we hope to separate it in one year or so but we haven't taken a call on that and our plan is to separate the real estate business. Our projects in Thane have commenced construction, our project in Worli have commenced construction, so we hope to see revenues from real estate kicking in this year.
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