Parsvnath Q3 net profit falls 39pc to Rs 11 crore

Realty firm Parsvnath Developers today reported 39 per cent decline in consolidated net profit to Rs 11 crore for the quarter ended December.
It had posted a net profit of Rs 18 crore in the year ago period.
Operating revenue dropped by 20 per cent to Rs 119 crore during October-December quarter of this fiscal from Es 148 crore in the corresponding period of previous year, Parsvnath said in a statement.
Commenting on financial result, Parsvnath Chairman Pradeep Jain said: "I would term quarter three as moderate. We have offered possession of about 17.3 lakh sq ft in the quarter, which is four times than what we offered in second quarter".

"Our focus is on execution and delivery of our on-going projects. With our efforts of cost control and effective project management we expect to do better in the coming quarters," he added.
Parsvnath is currently working on 50 projects with a total area of 73.7 million sq ft. The company's business portfolio includes residential, commercial (office and retail), DMRC Projects, hotels, SEZs, IT Parks.