Parsvnath Q3 net up 31% at Rs 14.44 cr

Realty firm Parsvnath Developers Ltd today reported a 31 per cent increase in its consolidated net profit at Rs 14.44 crore for the third quarter ended December 2014.

Its net profit stood at Rs 10.99 crore in the year-ago period, the Delhi-based company said in a filing to the BSE. Income from operations also rose by 23 per cent to Rs 146.47 crore in the third quarter of this fiscal from Rs 119.31 crore in the corresponding period of the previous year.

Commenting on the results, Parsvnath Developers Chairman Pradeep Jain said: "In the given circumstances when the entire industry is suffering sales slump, we fared comparatively well." He said the festive season also did not bring any cheer to the real estate sector. "However, with the recent developments on the political front in Delhi as well as Haryana, we are hopeful things will shape up positively. Also, as RBI has also geared up and has started rate cuts, the ongoing and coming quarters promise better results," Jain said.

He also informed that Parsvnath Developers and Chandigarh Housing Board have mutually agreed to accept arbitration award in a dispute over development of the Prideasia project at Chandigarh. Jain said the company received about Rs 572 crore towards the award from Chandigarh Housing Board, upon surrendering of the project land. "We also noticed that due to a computational error in the award, the awarded amount is deficient by approximately Rs 146 crore.