Parsvnath Developers Limited (PDL), India's leading real estate and integrated infrastructure developer having a diversified portfolio registered operating revenue of Rs 219 Cr and Profit before Tax of Rs 55 Cr in fourth quarter ended on March 31, 2012. EBIDTA stood at Rs 108 Cr and EBIDTA margins stood at 50% for the same period.
On the annual basis, PDL reported total revenue of Rs 905 crore and PBT of Rs 201 crore in year FY12. EBIDTA and EBIDTA margins stood at Rs 498 crore and 55% respectively.
Operation / Business Highlights
- As a strategy for accelerated possession offering, company is concentrating on faster execution.
- Parsvnath Developers Limited has signed 'third-party contracts' with leading construction companies like L&T and IL&FS to fast execute and timely deliver the ongoing projects. Company has signed two contracts with M/s IL&FS Engineering & Construction Co. Ltd. to construct 'Parsvnath Technia', Gurgaon and to accelerate the construction work for our project 'Parsvnath La Tropicana' at Khyber Pass, New Delhi.
- Inducted M/s Larsen & Toubro, (L&T), IndiaRs.s leading construction and engineering firm, for construction of 'RedFort Parsvnath Towers', Bhai Veer Singh Marg on a turnkey basis.
- Parsvnath Hotels Limited, a 100% subsidiary of Parsvnath Developers Limited's first hotel under the name of "Comfort Inn Anneha", Greater Kailash Enclave II, New Delhi, became operational. The hotel is operated and managed by Choice Hotels International, one of the largest Hotels operators in the world. Hotel is having an average occupancy of more than 60% since it became operational.
- Our project Parsvnath Exotica, Ghaziabad received tremendous market response. This FDI backed freehold project, spread over 31 acres, offers super luxury air-conditioned 3-4-5 bedroom apartments cum penthouses with hundred percent power back, over 80% open and green area, star club with three swimming pools and other enviable top of the line amenities and specifications to qualify as the most prestigious and in-demand project in the area.
Commenting on the performance, strategy followed and future outlook, Mr. Pradeep Jain, Chairman, Parsvnath Developers Limited, said, "Financial Year 2011-12 has been very challenging for us, primarily due to the increasing cost of material, funding and then the unavailability of funds for real estate sector. This has affected our business adversely both in terms of top-line and the bottom-line of our results. We have also been affected adversely by the rollback of income tax exemption by the Central Government on affordable housing projects.
However, the coming year looks brighter for real estate sector. Availability of funding has improved gradually and we expect the cost also to moderate further. At the same time we appeal to the Government to take some steps to pump in funds to our sector as this has become the need of hour. Real estate and infrastructure sector has become the nucleus of overall growth of our economy and if this sector improves, it will push economy as well. We also expect from the Government to bring in some more clarity on the guidelines for affordable housing so that we may move ahead with our plans of affordable housing."
Source: Equity Bulls
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