Ashiana Q4 net up by 57% at Rs 26 cr

The total income rose by 65% to Rs 92 cr

Realty firm Ashiana Housing has reported a 57% increase in net profit at Rs 26.65 crore for the quarter ended March 31, 2012, on higher sales.

The company, which focuses on developing homes for senior citizens, had posted a net profit of Rs 16.96 crore in the year-ago period.

The total income rose by 65% to Rs 91.79 crore in the fourth quarter fiscal 2011-2012 from Rs 55.65 crore in the corresponding period of previous fiscal.

During 2011-12 fiscal, Ashiana's net profit went up by 59% to Rs 69.55 crore from Rs 43.86 crore in FY11.

Total income increased by 61% to Rs 248.98 crore in 2011-12 from Rs 154.28 crore in 2010-11.

Ashiana achieved a sales booking of 17.83 lakh square feet area in last fiscal, up by 32% from the previous year.

It constructed 36% more area in FY12 at 14.62 lakh square feet compared with the previous fiscal.

Ashiana is currently developing projects at Bhiwadi, Jaipur, Jodhpur, Jamshedpur and Lavasa hill city near Pune.

In an investors presentation, the company said during last fiscal it acquired 55 acre of land in Bhiwadi, 10.13 acre at Kolkata and 10.65 acres in Halol, Vadodara for expansion.

That apart, Ashiana tied-up with Manglam group for development of 31 acres land at Jaipur.

For the current fiscal, the company has set a lower sales and construction targets at 16 lakh sq ft and 14 lakh sq ft of area, respectively.

"The targets for FY13 are lower than the achievements of FY12 due to non-availability of buildable and saleable inventory," the Delhi-based firm said.