Ansals profit surges 256% to Rs 40 crore

BS 200 SCORECARD

Ansal Properties & Infrastructure (APIL) registered a net profit of Rs 40.19 crore for the quarter ended December 2006, an increase of 256 per cent over the corresponding period last year.

A share allotment of the group associate, Ansal Township & Projects, to the company and a contract to develop a 2,500 acre hi-tech integrated township near Noida added to the realty company's profits.

APIL's net income for the quarter ended December 2006 stood at Rs 197.28 crore, an increase of 194 per cent as compared with Rs 67.1 crore in the same period last year.

For the nine-month period ended December 2006, the company reported a net profit of Rs 90.42 crore as against Rs 28.84 crore in the same period last year, registering a growth of 214 per cent.

It registered a net income of Rs 508.06 crore for the nine months, up 127 per cent from Rs 223.97 crore during the corresponding period last year.

"We are growing steadily and I envisage this growth to further speed up considering the rapidly growing real estate sector and mega projects we have bagged recently," APIL Chairman Sushil Ansal said.

He said the company would continue to invest in strategic locations, especially smaller towns where the company was not present earlier.

"As there has been an increase of 50 per cent in rentals for housing accommodation, the demand for quality and branded housing is rising, which is being reflected in our company's financial results," said Kunal Bannerji, vice-president, marketing, APIL.

In the December quarter, the company signed a Memorandum of Understanding (MoU) with the Uttar Pradesh government for developing a hi-tech city on 2,504 acre adjoining Noida.

The company also completed the qualified institutional placement issue to raise Rs 681.75 crore.