Akruti City reports another Robust Quarter

• Ackruti City  Ltd Q3 net profit increases by 241.8% at Rs 73.45 cr
• Company registers strong growth in income, net profits, and EPS

Ackruti City has declared its third quarter results of FY10. Its consolidated net profit jumped fourfold from 241.79% to Rs 73.45 crore from Rs 21.49 crore, on quarter-on-quarter basis (QoQ) and up 1147% from Rs 5.89 crore, Year on Year (YoY).

Consolidated net sales rose to Rs 219.37 crore from Rs 79.2 crore (QoQ) and Rs 48.59 crore, YoY. Total income rose to Rs 222 crore for the quarter from Rs 49 crore in the same period last fiscal. On standalone basis, the company has posted a net profit of Rs 78 crore for the October-December quarter, a jump of four fold over the year-ago period.

EBIDTA (earning before interest, depreciation, tax and amortisation) increased to Rs 126.91 crore from Rs 62.4 crore, QoQ and Rs 74.89 crore, YoY. The dividend yield of the company was at 0.2%.

“Akruti City continues to register solid growth in all the verticals that we are participating in.  Our expansion outside of Mumbai is continuing at a good pace and we have launched several new projects in Maharashtra and Gujarat.  The company is well on its way to continue to grow and deliver value to our stakeholders,” said Mr. Vyomesh. M. Shah, managing director Ackruti City Ltd.

Akruti has a presence across the full spectrum of real estate from high-end super luxury complexes, mid-end mega residential complexes, commercial complexes, IT parks and SEZ’s spread over hundreds of acres of land, Biotech parks, robotic car parking towers, and townships. Over the past decade, Akruti has rehoused and rejuvenated a significant number of slum families and repurposed the lands thus released towards developing better, greener, and cleaner cities.  .

AKRUTI CITY LIMITED (formerly known as Akruti Nirman Limited)
ACL has expertise in developing specialized projects like multilevel automatic car parking structures, mega residential and commercial complexes, unique state-of-the-art malls, sprawling IT & Biotech parks and township projects.

The Initial Public Offering of the company’s 6,700,000 equity shares aggregating Rs 361.80 crores closed subscription on 19th January, 2007, and was oversubscribed by 81.5 times. The shares were listed on the Bombay Stock Exchange and the National Stock Exchange on February 7th 2007.

Through its focus on innovation over the years, and a relentless pursuit of excellence, Akruti City Limited has emerged as one of the premier real estate development houses in the country.  The company currently commands a land bank of over 40 million square feet in prime locations of Mumbai, Thane, Pune.