Ashiana Housing Q4 net profit jumps to Rs 30 cr

Realty firm Ashiana Housing today reported ten-fold jump in consolidated net profit at Rs 29.58 crore for the quarter ended March 31 on higher sales.
Its net profit stood at Rs 2.93 crore in the year-ago period, Delhi-based firm said in a filing to the BSE.
Income from operations rose to Rs 69.12 crore during the fourth quarter of last fiscal from Rs 19.06 crore in the corresponding period of the previous year.
During the full 2014-15 fiscal, Ashiana's net profit jumped over two fold at Rs 46.49 crore from Rs 21.86 crore in the previous year.
Income from operations increased to Rs 142.70 crore in the last fiscal against Rs 110.65 crore in the previous year.

The board of directors in its yesterday's meeting recommended the dividend of Rs 0.50 being 25 per cent on Rs 2 (face value) per equity shares.

Ashiana, which focuses on development of retirement homes, said that the company raised Rs 200 crore from investors through QIP (qualified institutional placement) during last fiscal.
The company constructed 23 per cent more area during 2014-15 at 22.80 lakh sq ft.
"Area booking declined by 18 per cent YoY due to sluggish market condition. We expect sluggishness to continue," the company said in an investor presentation.
Ashiana has given a sales bookings guidance of 22 lakh sq ft in FY 2015-16, assuming a gradual improvement in market conditions.

The company is currently developing projects in Jaipur, Bhiwadi, Jamshedpur, Halol, Neemrana, Lavasa and Gurgaon.