Ansal Properties and Infrastructure today reported a 17.14 per cent decrease in consolidated net profit for the quarter ended June 30 at Rs 7.20 crore, mainly due to lower sales volume and decline in price realisation.
The company had reported a net profit of Rs 8.69 crore in the corresponding quarter of last fiscal, a release issued here said.
Its total sales for the April-June quarter stood at Rs 282.17 crore against Rs 353.21 crore a year-ago, registering 20.11 per cent decline.
During the quarter, the company sold 1.90 million sqft aggregating to sale value of over Rs 200 crore and the average realisation (including FSI sales) was Rs 1,055 per sqft against Rs 1,224 per sq ft during Q1FY14.
"The company will continue to focus on high growth markets in NCR as well as in other states of northern India by expanding its existing townships to increase returns through economies of scale as well as entering into collaboration for new projects in order to conserve capital deployment in land aggregation and to achieve better realisations," the company said.
Further, the company has accelerated cash flows by monetising its assets from finished stock sales and sale or exit from non-core assets and slow moving investments to free up cash reserves and reduce the debt, the release said.
"The company is in active dialogue with various parties and negotiations for the monetisation of certain assets are under way and various aspects of the deal are being deliberated to conclude these deals," it said.
It further said the company is in an aggressive mode of completing and delivering the projects in the states like Haryana, Uttar Pradesh, Rajasthan and Punjab and build on the further saleable area in these states by expanding the existing townships.
Till date, the company has developed and delivered an area of over 256 million sqft across the real estate verticals including residential, commercial, retail, hospitality and integrated townships.
