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Parsvnath Developers is in focus after posting a rather weak set of Q2 numbers. In an interview to CNBC-TV18, Pradeep Jain, Chairman of the company discussed the Q2 performance and gave his outlook for the future.
The realty firm's net loss stood at Rs 3.93 crore in the year-ago period, the company said in a regulatory filing.
Chairman Pradeep Jain of Parsvnath Developers clarified that the EBITDA margins eroded by rising input costs. He further elucidated that the prices were up by 20% in past six months in Delhi. Jain expects the company to book larger revenue in coming quarters. "We are in tie-up with Choice Hotels International for the hotels business," he added.
Parsvnath Developers announced it first quarter results for FY12. The company reported a consolidated net profit of Rs 25.8 crore in the quarter ended June 2011. The company has been planning for Rs 2000 crore QIP. Chairman Pradeep Jain said that they would use this fund to reduce their debt on the balance sheet.
Reading a strong demand in northern India space, real-estate major Parsvnath Developers are all set to launch township on SEZ property in Gurgaon. “The company aims to sell 6-7 msf in FY12,” said chairman Pradeep Jain in an interview with CNBC-TV18.
The company`s current debt stands at Rs 1100 crore on group level and it has no plans to to acquire new loans in the near term, said Pradeep Jain, chairman of Parsvnath Developers. The company plans to reduce debt by another Rs.100-150cr in the next 45-60days, he added.