Parsvnath Developers' PAT dips 20% at Rs 16 crore

Parsvnath Developers has reported 20% decline in its profit after tax at Rs 16 crore for the first quarter ended June this year, against Rs 20 crore in the same quarter previous year.

The operating revenues grew by 15.95% at Rs 189 crore during the first quarter of current fiscal as compared to Rs 163 crore in the same quarter previous year.

Parsvnath is in the process of launching an integrated township project spread over 104 acres in Sohna, Gurgaon. The Haryana government has notified the final master plan for residential zone in Sohna and the group has applied for licenses to develop a world class integrated township, which will consist of plotted developments as well as group housing.

It will also start construction of its commercial project at K G Marg, Connaught Place. It has already received all the required approvals from various authorities. Besides, the company has also executed development agreement with RLDA for its Sarai Rohilla project and has paid Rs 660.60 crore, according to a company statement.

During the quarter, the company launched House of Happiness scheme, wherein buyers could pay 25% at the time of booking and rest on possession.

“The scheme was launched as per our strategy to perk up demand in the otherwise slowing industry. The scheme was one-of-its-kind as we did not involve any subvention plan. Outcome of the scheme has been very encouraging as we received overwhelming responses from the buyers,” Parsvanth Chairman Pradeep Jain said .

This scheme was applicable on 20 projects in cities like New Delhi, Greater Noida, Ghaziabad amongst others. “We are focusing on fast and quality executions of all our ongoing projects that will enable us realize sales revenue faster , ” Jain added.