Parsvnath Q1 Net Profit Drops 61% to Rs 6 Crore
Realty firm Parsvnath Developers today reported 61 per cent fall in its consolidated net profit to Rs 6.14 crore for the quarter ended June on lower sales.
Its net profit stood at Rs 15.55 crore in the year-ago period, Parsvnath said in a statement.
Total income from operations fell by 49 per cent to Rs 96.34 crore in the first quarter of this fiscal as against Rs 188.86 crore in the corresponding period of previous year.
During the first quarter, Parsvnath said that it received sales bookings for 2.01 lakh sq ft of area, comprising of 0.80 lakh sq ft of group housing, 0.26 lakh sq ft of commercial and 0.95 lakh sq ft of residential plots.
The company offered possession of 6.29 lakh sq ft of area comprising 1.06 lakh sq ft of group housing and 5.23 lakh sq ft of residential plots.
Parsvnath has entered into a memorandum of understanding (MOU) with Vasavi Nirmann Pvt Ltd for development of 2.73 acre land in Hyderabad.
The company has signed the Letter of Intent (LOI) for leasing of about 51,000 sq ft area with leading brands in its commercial building near Gole Market here.
"Negotiations are at the final stage for leasing of another 94,000 sq ft with leading brands and likely to materialise by October 2014," it added.
Commenting on the performance for the first quarter and future outlook, Parsvnath Chairman Pradeep Jain said: "With the government announcing implementation of REITs and relaxation in FDI norms for the real estate sector in the Union budget, we are optimistic that some of our projects will get a boost as they now become eligible for FDI."
"We will be benefitted by REITs at large as we have a large portfolio of leasable commercial space within the city of New Delhi," Mr Jain added.
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