Parsvnath posts net profit of Rs 1.02 billion

MUMBAI: Real estate company Parsvnath Developers Limited (PDL) has posted a net profit of Rs 1.02 billion (Rs 102.18 crore), up by 179.56 per cent from Rs 365.5 million (Rs 36.55 crore) in Q1 FY07.

Parsvnath Developers is planning to develop as many as 114 multiplex screens across India.

The company recorded consolidated revenues of Rs 4.14 billion (Rs 414.46 crore) for the quarter ended 30 June, 2007, an increase of 66.44 per cent from Rs 2.49 billion (Rs 249.01 crore) in the corresponding quarter last fiscal. EBITDA was at Rs 1.52 billion (Rs 152.14 crore), an increase of 162.31 per cent as compared to Rs 580 million (Rs 58 crore) in Q1 FY07.

The operating margins increased to 36.70 per cent from 23.29 per cent in the corresponding quarter last fiscal. The net margins also saw an increase to 24.65 per cent as compared to 14.68 per cent in Q1 FY07.

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

Parsvnath Developers Limited chairman Pradeep Jain said, “While we are strengthening our presence across various demographies and verticals in India, we are now taking PDL to next level of maturity by undertaking real estate development in overseas markets. This would help in risk and asset diversification, besides adding growth for company’s shareholders.”

PDL has plans to launch Parsvnath Pride Asia, an integrated township project in Rajiv Gandhi Technology Park, Chandigarh by mid-August 2007. With a 129 acre area, this residential project has a developable area of 4.4 mn sq ft and realisable value of Rs 34 billion (Rs 3400 crore). The township would include shopping malls with multiplexes, five star service apartments, super deluxe club with resort, sports center with sports stadium and also have water sports.