Peninsula Land declines after weak Q4 results

The result was announced after market hours on Monday, 27 May 2013.

Meanwhile, the S&P BSE Sensex was up 11.15 points, or 0.06%, to 20,041.92.

On BSE, 78,000 shares were traded in the counter as against an average daily volume of 1.27 lakh shares in the past one quarter.

The stock hit a high of Rs 50.65 and a low of Rs 48.20 so far during the day. The stock had hit a 52-week high of Rs 84 on 25 October 2012. The stock had hit a 52-week low of Rs 28.90 on 28 May 2012.

The stock had outperformed the market over the past one month till 27 May 2013, rising 8.91% compared with the Sensex's 3.86% rise. The scrip had, however, underperformed the market in past one quarter, falling 0.66% as against Sensex's 4.59% rise.

The small-cap real estate developer has an equity capital of Rs 55.84 crore. Face value per share is Rs 2.

Peninsula Land's net profit rose 25.53% to Rs 196.95 crore on 38.98% rise in net sales to Rs 664 crore in the year ended March 2013 over the year ended March 2012.

The board of Peninsula Land recommended a dividend of Rs 1.50 per equity share.

Meanwhile, the company said that its board has approved restructuring / merging certain subsidiary companies with the company. The board also approved to convert certain other companies into limited liability partnerships.

The board has constituted a restructuring committee comprising of the whole-time directors of the company to finalise the proposed restructuring and take all necessary steps including finalisation of scheme and implementing the same, the company said in a statement.

Peninsula Land currently has approximately 24 million square feet in pipeline. Its strategy is to consolidate its presence in key asset classes; residential projects, commercial projects, information technology parks, special economic zones and townships.

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