Ansal Properties Q1 net profit down 41% at Rs 8.69cr

Realty firm Ansal Properties and Infrastructure Ltd today reported 41% decline in its consolidated net profit at Rs 8.69 crore for the quarter ended June, 2013, on increased expenses and higher tax outgo.

 

The company had posted a profit of Rs 14.81 crore in the year-ago period.

 

Total income from operations, however, rose by 34% to Rs 353.21 crore in the first quarter of this fiscal as against Rs 264.23 crore in the corresponding period of last fiscal.

 

In a filing to the BSE, the company informed that the board has appointed Prabhunath Misra as additional director and Managing Director of the company with effect from yesterday.

 

Pranav Ansal, who was company's Vice-Chairman and Managing Director, has been re-designated as Vice Chairman and Whole-time Director.

 

The national capital based realty firm is currently developing 18 integrated townships (including two Hi-Tech townships) with maximum saleable area being in 'residential' segment.

 

The majority of the total saleable area is being developed in two townships (Hi-Tech) -- Sushant Golf City, Lucknow (3,530 acres) and Megapolis Dadri, Greater Noida (2,504 acres).