Parsvnath reports Rs 96 crore revenue for Q1

NEW DELHI: Parsvnath Developers Ltd has reported consolidated revenue of Rs. 96 crore for the quarter ended June 30. Profit before tax was at Rs. 12 crore and EBIDTA and EBIDTA margins stood at Rs. 58 crore and 60 per cent respectively, according to a press release issued by the company.

The realty major received bookings for 2.01 lakh sq. ft of area (18,694 Sq. Mtr.) comprising 0.80 lakhs qft (7,457 Sq. Mtr.) of group housing, 0.26 lac sq. ft ( 2,398 Sq. Mtr.) of commercial and 0.95 lakh sq. ft ( 8,839 Sq. Mtr.) of residential plots

The company has offered possession of 6.29 lakh sq. ft (58,428 Sq. Mtr.) of area comprising 1.06 lakh sq. ft (9,858 Sq. Mtr.) of group housing and 5.23 lakh sq. ft (48,570 Sq. Mtr.) of residential plots

Parsvnath has entered into a MoU with Vasavi Nirmann Private Limited for development of land admeasuring approx. 2.73 acres situated at Survey No. 1009, Kukatpally in Hyderabad. It has the exclusive development rights in terms of development agreement executed with the Andhra Pradesh Housing Board, through a SPV to be incorporated for this purpose.

Commenting on the performance for the first quarter of FY15 and future outlook, Pradeep Jain, Chairman, Parsvnath Group, said, “With the Government announcing implementation of REITs and relaxation in FDI norms for the real estate sector in the Union Budget 2014-15, we are optimistic that some of our projects will get a boost as they now become eligible for FDI. We will be benefited by REITs at large as we have a large portfolio of leasable commercial space within the city of New Delhi”.