Panoramic Universal net up 3721.31% in Q3FY07

New Delhi, Jan 22 (UNI) Mumbai-based Panoramic Universal, a flagship company of the Panoramic Group, today clocked 3721.31 per cent growth in net profit at Rs 1,13,302 crore in Q3FY07, against Rs 2,965 crore over the corresponding quarter last fiscal.

The company registered a turnover of Rs 3,24,337 crore, up by 1779.99 per cent during the third quarter, as compared to Rs 17,252 crore in the same period last year.

''With a buoyant business environment both in the US and India and the completion of some of our projects, our profits can only move upwards and we are all set to broaden our horizons with the foray into realty,'' Panoramic Universal Chairman Sudhir Moravekar said.

While, the net sales for the nine months ended December 2006 stood at Rs 9,80,780 crore registering an increase of Rs 4,48,383, as against Rs 532,397 crore for the corresponding period.

Mr Moravekar added that the company had drawn out an extensive plan for investments in the global hospitality industry and planned to buy two hotels in the US by March 2007.

Panoramic Universal owns and operates five hotels in the US, one in New Zealand and three hotels in India at Goa, Shirdi and Malvan.

UNI