The stock of realty player, Anant Raj Industries, has declined 53 per cent in the last one year. Besides the market's pessimism for stocks in this sector, Anant Raj has also been hit by a slowdown in the commercial property space — a segment in which it primarily operates.

With a good proportion of leased property in its books, subdued leasing activity in projects such as the Manesar IT park also slowed cash flows.

Concurrently, the company was facing delays in approvals in some of its key premium projects. This too upset the growth momentum.

While it still ended FY-11 with a 35 per cent expansion in consolidated sales, net profits dipped by 30 per cent indicating pressure from leasing rates. This declining trend in profits continued into the first half of FY-12 as well.

This said, the company's recent shift in focus to the residential market may yield some results.

It has already launched three residential projects in and around Gurgaon and also plans to sell plots to enable faster cash flows. This, together with the likely launch of a luxury project in South Delhi, which has received approvals after some delay, may mean improved contribution to top-line and profits in FY-13.

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