Parsvnath Developers reports Q2 net loss of Rs 21 cr

Realty firm Parsvnath Developers has posted a net loss of Rs 21 crore in the second quarter of this fiscal.

Its net loss stood at Rs 33 crore in the year-ago period, the company said in a statement.

Total income fell marginally to Rs 23 crore during the July-September period of this fiscal year from Rs 24 crore in the corresponding period of the previous year.

During the quarter ended September, the company offered possession/fit-outs of over 288 units with an area of 4.08 lakh sq ft. New sales booking stood at 1.21 lakh sq ft.

Parsvnath Chairman Pradeep Jain said, "We are focusing to complete our ongoing residential projects and offer possession to our customers".

He said the company was also focusing on commercial projects in the national capital including Bhai Veer Singh Marg (near Gole market) Phase-2, mall at Rohini and KG Marg project. The occupancy certificate has been applied to the concerned authority for K G Marg project.

"An area of approximately 55,000 sq ft has been leased out to a multi-national Thailand-based C.P. Wholesale India Pvt Ltd (Lots Wholesale Solutions) to open a mega store at DMRC Akshardham site," the company said.

Parsvnath has till date completed 65 projects (including 6 contractual ones), measuring 32.01 million sq ft of developed area and is currently developing 51.51 million sq ft. It has a land bank of 101.12 million sq ft.