Parsvnath reports Q1 loss of Rs 8 cr

Realty firm Parsvnath Developers today reported consolidated net loss of Rs 8 crore for the quarter ended June on higher expenses.
It had posted net profit of Rs 6.14 crore in the April- June period of 2014-15, Parsvnath said in a filing to the BSE.
Its total income from operations, however, rose to Rs 160 crore in the first quarter of 2015-16 from Rs 96.34 crore in the year-ago period.
The company's expenses jumped sharply to Rs 127.37 crore in the quarter under review, from Rs 44.92 crore a year ago.
"The company has suffered losses during the quarter under review. Parsvnath Estate Developers, a subsidiary company has achieved the completion of Phase-I of its commercial project at Bhai Veer Singh Marg, New Delhi during the last quarter.

"The revenue from leased out area of the said project has not yet accrued completely as the same is under fit-out period. However, the expenditure incurred on account of depreciation, finance costs and other heads has been charged to revenue resulting into loss for the quarter under consideration," Parsvnath informed BSE.

The company's Chairman Pradeep Jain said it offered possession of about 13.32 lakh sq ft during the quarter as it focuses on execution and delivery of ongoing projects.
"The sentiment of the real estate sector has remained subdued in the past. However, going forward, we expect the sentiments to revive, as the urbanisation projects - 'Housing for All', 'AMRUT' and 'Smart Cities Mission' announced by the government are poised to spur growth in the realty sector," he said in the filing.

Parsvnath Group has completed 55 projects and is working on 48 projects with a total area of 69.76 million sq ft.
In a separate filing, Parsvnath said that RJ Kamath has ceased to be a Director (Non-Executive, Independent) of the company with immediate effect pursuant to his resignation from the board due to health reasons.
The resignation has been accepted by the board in today's meeting, the filing added.