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Parsvnath Developers Ltd on Thursday said its net profit during the second quarter of the current fiscal fell 21.96 per cent to Rs 14.25 crore against Rs 18.26 crore in the same period previous year.
At the same time, profit after tax post payment of minority interest further decreased to Rs 12.51 crore.
According to analysts, the fall in net profit is because of higher interest cost and tax payout. It paid taxes of Rs 14.99 crore during July-September 2013-14 against Rs 9.75 crore in these three months last year.
The company reported consolidated revenues of Rs 162.46 crore during the second quarter of the current fiscal against Rs 149.65 crore in the corresponding quarter last year.
During the second quarter, Parsvnath received bookings for 8.5 lakh sq.ft. of area. This comprised 4.8 lakh sq.ft. of group housing; 0.16 lakh sq.ft. of commercial and 3.54 lakh sq.ft. of residential plots.
At the same time, the company offered possession of 4.59 lakh sq.ft. This comprised 0.32 lakh sq.ft. of group housing; 0.03 lakh sq.ft. of commercial and 4.24 lakh sq.ft. of plots.
“We are delighted with the response from customers for our KG Marg project. Subsequent to our ‘House of Happiness’ scheme, we are receiving good responses for our other projects as well like Exotica Gurgaon and Ghaziabad, La Tropicana and others which have further strengthened our top line this quarter”, said Pradeep Jain, Chairman of Parsvanth.
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