Parsvnath Developers announces Q2 FY2013 results – PBT at Rs 28 Crore and Revenue at Rs 150 Crore

Parsvnath Developers Limited (PDL), India’s leading real estate and integrated infrastructure developer having a diversified portfolio registered operating revenue of Rs 150 Cr and Profit before Tax of Rs 28 Cr in second quarter ended on September 30, 2012. EBIDTA stood at Rs 98 Cr and EBIDTA margins stood at 65% for the same period.

All figures in the press release are consolidated in Rs crore unless stated otherwise

Operation / Business Highlights

• As a strategy for accelerated possession offering, company is concentrating on faster execution.
• Have sold 226 units, comprising an area of 4,15,600 sq. ft.
• Handed over possession of 446 units, comprising an area of 8,43,596 sq. ft.
• In line with PDL’s strategy to reduce debt, the company has continued a strategic and comprehensive portfolio review of its real estate assets, with a view to exit the non strategic assets & monetized few of our projects.

Commenting on the performance, strategy followed and future outlook, Mr. Pradeep Jain, Chairman, Parsvnath Developers Limited, said,
The last quarter has been full of positive news. Some of the recent announcements by the Government is likely to improve the investment climate in the country, which in turn will have a positive impact on the Real Estate industry.

• With the Government’s policy of accelerating the reforms, the global investors are showing interest in the Indian market.
• Approval of FDI in retail will give boost to the retail spaces. Specifically our DMRC properties situated at various locations of Delhi will attract the tenants.
• The recent reduction of Home loans by Banks, will give boost to the residential sale.
• Reduction in CRR rate twice by RBI have brought liquidity in the banking system.

http://www.parsvnath.com/corporate/media-center-details.asp?id=94&prYear=2012&media=pr