Realty firm Parsvnath Developers Ltd on Saturday reported a marginal decline in net profit at Rs 4.58 crore for the quarter ended June on lower sales. Its net profit stood at Rs 4.64 crore in the year-ago period, the company said in a regulatory filing. Income from operations fell to Rs 86.65 crore during the first quarter of the current financial year, from Rs 134.18 crore in the year-ago period. "The real estate sector still needs to gain consistent momentum.
Though there has been an uptick in commercial real estate but the residential segment is witnessing a slow but steady demand," Parsvnath Developers Chairman Pradeep Jain said.Parsvnath is developing 45 projects having 53.47 million sq ft of developable area.