Parsvnath Announces Q2 FY15 results

Parsvnath Developers Ltd, India’s leading real estate and infrastructure developer today reported consolidated revenue of Rs.252 Cr. for the quarter ended September 2014. Profit before tax was at Rs. 21 Cr. for Q2FY15. EBIDTA and EBIDTA margins stood at Rs. 61 Cr. and 24 % respectively.

Financial Highlights for Q2FY15

(Figures in Rs crore on consolidated basis)

Operational highlights in Q2FY15

• Received bookings for 3.29 lac sq. ft of area ( 30,576 Sq. Mtr.) comprising of 0.30 lac sq ft ( 2,825 Sq. Mtr.) of Group Housing, 0.02 lac sq. ft ( 195 Sq. Mtr.) of Commercial and 2.97 lac sq. ft (27,556 Sq. Mtr.) of Residential plots.
• Offered possession of 1.71 lacs sq. ft ( 15,910 Sq. Mtr.) of area comprising 0.90 lac sq. ft ( 8,394 Sq. Mtr.) of Group Housing and 0.81 lac sq. ft ( 7,516 Sq. Mtr.) of Residential plots.

Awards & Accolades

• Received ‘Excellence Award’ for “Innovative Marketing Concept of the Year”. The award was received at ‘Realty Plus Excellence Conclave cum Awards Night’ conducted by Exchange4media Group at a ceremony held in New Delhi.

Commenting on the performance for the second quarter of FY15 and future outlook, Mr. Pradeep Jain, Chairman, Parsvnath Group, said, “ The government has taken a remarkable step by announcing relaxation in FDI norms for the construction sector. We welcome this move. We are upbeat about the fact that some of our projects will get a boost as they now become eligible for FDI. We will also be benefitted by REITs at large as we have a large portfolio of leasable commercial space within the city of New Delhi.”

Mr. Jain further added, “Cutting down the total built-up area requirement to 20,000 sq mtr, minimum lock up period to 3 years and a minimum investment of US$ 5 million, will mitigate fund crunch for the sector and also attract investments into affordable housing and smart cities. With the government’s focus on strengthening the infrastructure of our cities; real estate and allied sectors are bound to get a boost. All these recent policy reforms will definitely strengthen market sentiments and see good demand revival in the markets, going forward. Our focus, as always, is on the quality of construction and delivery of our ongoing projects as part of our consolidation exercise.”

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