Parsvnath Developers post income of Rs 249.01 crore in Q1

Mumbai, Aug 10 (UNI) Parsvnath Developers have vastly improved results for the quarter ended June 30. The board has approved the audited accounts of the company for the first quarter of the current fiscal, a company release said today.

According to the results, the company has posted an income of Rs 249.01 crore during the first quarter this year as against the total revenue of Rs 653.77 crore during the year gone by. The profit before tax for the first quarter amounted to Rs 54.20 crore as compared to Rs 145.79 crore for the last year.

The board has also recommended the issue of bonus shares to the existing shareholders in the ratio of one equity share for every two existing shares held by capitalisation of profits to the extent of Rs 49.46 crore. Consequently the paid-up share capital of the company will get enhanced to Rs 148.40 crore from the existing Rs 98.91 crore. Also, the authorised, share capital is being increased from the existing Rs 150 crore to Rs 200 crore, the release added.

Commenting on the Q1 results, chairman of the company, Pradeep Jain, said that ''The results are indicative of the good performance that the ciompany has been showing''. We are looking at a consistent, healthy growth throughout this financial year as well, he hoped.

Besides, the company has informed that it has obtained in-porinciple approvals for the development of special economic zones at various locations across the country such as Kancheepuram (Tamil Nadu), Dehradun (Uttaranchal), Indore (Madhuya Prasdesh), and other places in the country. Moreover, the company has recently bagged a township project at Chandigarh.

UNI KKD WD SKB2007