Parsvnath Q4 net down 19% at Rs 28 cr

Realty firm Parsvnath Developers today reported 19% decline in its consolidated net profit at Rs 28.09 crore for the quarter ended March as the company did not launch any new projects.

It had posted Rs 34.71 crore in the year-ago period.

Revenue fell by nearly 30% at Rs 251.96 crore in the fourth quarter of 2010-11 against Rs 358.49 crore in the same period of 2009-10, the company said in a statement.

During the entire 2010-11 fiscal, the net profit rose by 4.58% to Rs 141.05 crore against Rs 134.86 crore in the previous fiscal. The revenue fell to Rs 931.35 crore as against 952.15 crore in the review period.

When contacted, Parsvnath Chairman Pradeep Jain said: "Our net profit and revenue declined in the fourth quarter as we did not launch any new projects."

However, he noted that net profit for the entire 2010-11 fiscal went up by over 4% despite sharp increase in the input cost as the company achieved higher realisation value in last fiscal compared with 2009-10.

Parsvnath sold 2,117 units, comprising an area of 4.07 million sq ft in last fiscal.

"The company is in consolidation mode, working to deleverage the balance sheet, exiting non-core assets in terms of company’s perspective, raising funds at SPV level, and fast track execution and delivery of on-going projects," the statement said.