Ansal API Q2 net down 23% at Rs 22 cr

Realty firm Ansal Properties and Infrastructure Ltd today reported a 23 per cent decline in its consolidated net profit to Rs 22.76 crore for the quarter ended September compared to the year-ago period.

The company had posted a net profit of Rs 29.68 crore in the corresponding quarter of the previous year.

Ansal API's revenues rose by 71 per cent to Rs 330.05 crore in the second quarter of this fiscal against Rs 192.46 crore in the year-ago period, the company said in a statement.

In the first half of 2010-11, the company's net profit, however, increased by 54 per cent to Rs 61.55 crore as against Rs 39.89 crore in the year-ago period.

The revenues rose by 79 per cent to Rs 604.5 crore during April-September period of 2010-11 fiscal compared to Rs 337.31 crore in the first half of the previous fiscal.

"The demand pick up in the realty sector in the recent months has helped us to achieve this improved financial performance," Ansal API Vice-Chairman and Managing Director Pranav Ansal said.

Ansal said the company would launch high-end housing projects in cities such as Gurgaon, near Greater Noida and Lucknow owing to growing demand in this segment.

"We expect significant improvement in our financial performance in the coming quarters from these new launches as well as from our other projects in residential, commercial and retail," Ansal added.

Ansal API has recently raised about 50 million dollars through qualified institutional placement (QIP) to cut its debt and meet construction cost of projects.