Parsvnath Q2 net up three fold to Rs 61.43 cr

Real estate firm Parsvnath Developers today reported a nearly three-fold growth in consolidated net profit at Rs 61.43 crore for the second quarter ended September 30, and said it expects the coming quarters to be more robust.

The realty firm had a net profit of Rs 21.91 crore in the September quarter of the previous fiscal.

"With the economy changing rapidly there was an immediate need to rework strategies to adapt to the changing economic scenario.

"Designing projects as per customers' demands and promoting the concept of affordable housing coupled with shifting focus from starting new projects to completing ongoing projects have helped the company perform well during the quarter," Parsvnath Developers Chairman Pradeep Jain told reporters here.

Total income of the company, however, declined to Rs 173.07 crore at the end of the second quarter, from Rs 221.47 crore during the corresponding period last fiscal.

"With festival season around the corner, revival in the economic scenario coupled with successive interest rate cuts, stimulus packages from the government have send positive vibes among the potential buyers and I am confident that coming quarter will be more robust," Jain added.

During the quarter Parsvnath raised Rs 168 crore through share sale to institutional investors.

Shares of the company closed at Rs 136.15, down 1.98 per cent over previous close on the BSE.