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Parsvnath Developers Limited Net Sales stood at Rs 372 crore, grown by 5%

/India PRwire/ - Parsvnath Developers Limited (PDL), India’s leading company in real estate and infrastructure space reported net sales of Rs 372 crore for the quarter ended 30th June,2008, compared to Rs.357 crores in corresponding period of last year, registered a growth of 5%.

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Net profit in Q1 FY09 stood at Rs.71 crores, compared to Rs.84 crores in Q1 FY08, registered viagra viagra online kaufen decline of 16% on account of increase in interest, personnel and input cost. EPS for the quarter stood at Rs.3.86.

Operational/ Business Highlights for Q1FY09

· Increased presence to 51 cities and 18 states from 49 cities and 17 states.

· Parsvnath Developers Limited acquired 38% stake in Mr. Sabeer Bhatia and HSIIDC jointly promoted Nanocity Haryana Infrastructure Ltd. to develop a Knowledge City spread over an area of 11,000 acres in Panchkula near Chandigarh. The city named as “Parsvnath Nanocity” is envisaged to sustain modern lifestyle and will have world class infrastructure. It is a public-private deal in which Haryana Government through HSIIDC will have 10% equity stake, 52% will be with Mr. Sabeer Bhatia promoted Group and 38% with PDL.

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· Signed agreement to develop Buddha Smriti Udhyaan at Patna for construction on a plot spread over 20.65 acres with developable area of 2, 90,000 sq ft. The contract awarded by Buddha Smriti Udhyaan Development Company Limited (BSUDCL) is valued at Rs 125 crore.

· Unveiled plan for developing a new luxury mall complex in the heart of Delhi at Connaught Place on a plot situated at 27, Kasturba Gandhi Marg through its subsidiary “Primetime Realtors Pvt. Ltd.” where it is proposed to build luxury shopping and state-of-the-art offices

· Launched its first integrated group housing & commercial mall project in Jamnagar to be developed on total land area of 13,200 sq. mtrs with an expected realization value of Rs120 crore spread over three financial years

· PDL through its subsidiary, Parsvnath SEZ Ltd (PSL) is setting up a pharmaceutical SEZ in Nanded, Maharashtra which is spread over a total area of 370 acres. The SEZ is being developed in JV with MIDC.

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· Appointed Mr. S.P. Aggarwal as Joint Managing Director for its subsidiary Parsvnath SEZ Ltd. (PSL).

Commenting on the results, Mr. Pradeep Jain, Chairman, Parsvnath Developers Limited said, “Our first quarter numbers are in line with our targets and plans, though the Investors in market at large has shown resistance but I am happy that the actual buyer is interested in the property. The long term actual demand in Residential commercial, hotel and IT sector remains intact despite so much of temporary turbulence. Also, according to 11th five year plan 2007-2012, housing shortage in India will increase to 26 million units which make it evident that the residential sector will grow manifolds”.

Parsvnath Developers expect stronger performance in the coming quarters, as the new projects announced in past becomes operational. Moreover,India growth story fuelled by a strong economy, favorable demographics, rising wealth levels, influx of multinational companies along with rapidly changing lifestyles and consumer aspirations of an ever burgeoning middle and upper class will definitely add to the increase in demand.

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The existing 4.4% of organized Retail Market is expected to grow at a CAGR of more than 23% in next 5 years to US $ 65 bn. This expected potential makes retail sector as lucrative and goes in line with Parsvnath Developers strategy to enter into retail business, company is in talks with major retail chains to explore possibilities of a foreign or domestic collaboration, through its subsidiary Parsvnath Retail Limited. The company has planned an aggressive retail foray with plans to open a mix of formats which may include hypermarkets, convenience stores, food joints and very large stores during the current fiscal.

Forward Looking Statement

Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward looking statements. Parsvnath Developers Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

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Source: Press release distribution via India PRwire

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