Parsvnath Developers drops after weak Q2 results

Parsvnath Developers lost 2.39% to Rs 26.50 at 15:18 IST on BSE after consolidated net profit declined 27.77% to Rs 13 crore on 8% growth in operating revenue to Rs 162 crore in Q2 September 2013 over Q2 September 2012.

The Q2 result was announced after market hours on Wednesday, 6 November 2013.

Meanwhile, the S&P BSE Sensex was down 92.39 points or 0.44% at 20,802.55.

On BSE, 51,000 shares were traded in the counter as against average daily volume of 46,759 shares in the past one quarter.

The stock hit a high of Rs 27.65 and a low of Rs 26.50 so far during the day. The stock had hit a 52-week low of Rs 25.50 on 27 September 2013. The stock had hit a 52-week high of Rs 44.25 on 28 February 2013.

The stock had underperformed the market over the past one month till 6 November 2013, sliding 2.16% as compared to the Sensex's 4.92% rise. The scrip had also underperformed the market in the past one quarter, declining 2.16% as compared to the Sensex's 11.54% rise.

The small-cap real estate developer has equity capital of Rs 217.59 crore. Face value per share is Rs 5.

Parsvnath Developers' consolidated EBITDA (earnings before interest, taxation, depreciation and amortization) rose 16.32% to Rs 114 crore in Q2 September 2013 over Q2 September 2012. EBITDA margin improved to 70% from 65% a year ago.

Commenting on the company's Q2 performance, Mr. Pradeep Jain, Chairman, Parsvnath Developers said, "We are delighted with the response from customers for our KG Marg project. We are developing a world class infrastructure in the CBD Connaught Place, an area which has not seen any new development in last 25 years. Subsequent to our 'House of Happiness' scheme, we are receiving good responses for our other projects as well like Exotica Gurgaon and Ghaziabad, La Tropicana and others which has further strengthened out top line this quarter".

Parsvnath Developers is a real estate firm. The company's business portfolio includes residential, commercial (office and retail), DMRC projects, hotels, SEZs and IT parks

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