Ackruti City reports Q1FY11 PAT at Rs 42 cr, up by 534%

Consolidated revenue at 178.78 Crore

Ackruti City Limited, a leading real estate developer, today announced its unaudited financial results for the quarter ended June 30, 2010.

Consolidated revenue for the quarter stood at Rs 178.78 crore as against Rs 40.94 crore reported during the corresponding quarter of the previous year. Consolidated Profit after tax was Rs 42.05 crore as compared to 6.63 Crore in Q1 FY10.

On a standalone basis, Ackruti City’s revenue for the quarter ended June 30, 2010 was Rs 62.66 crore as against Rs 39.96 Crore during same quarter last fiscal, while standalone profit after tax was at Rs 13.63 as against Rs 7.2 Crore in Q1 FY10.

Consolidated, fully diluted earnings per share for the quarter stood at Rs 5.78.

Commenting on the company’s performance, Mr. Vimal Shah, Managing Director, Ackruti City commented, “The overwhelming response to our commercial project in Bandra Kurla Complex which was fully sold during the quarter, as well as ongoing sale of our projects in affordable housing segment helped us in posting more than satisfactory first quarter performance. We have a robust pipeline of projects that gives us a strong earning visibility for years to come”

“Our strategy of remaining city-centric and an uncompromised commitment towards quality and timely completion is and will help us to perform well on a sustained basis.” said Mr. Hemant Shah, Chairman, Ackruti City.

About Ackruti City Limited.
Ackruti City Limited is a leader in Rehabilitation schemes, mega residential and commercial complexes, SEZs and specialized projects like multilevel automatic car parking structures.

Through its focus on innovation over the years, and a relentless pursuit of excellence, Ackruti City Limited has emerged as one of the premier real estate development houses in the country.  The company has a robust pipeline of over 60 mn square feet under management in the prime locations of Mumbai, Thane, Pune and major cities of Gujarat.