Parsvnath Developers posted a net profit of Rs 292 crore

Mumbai, May 21 (UNI) Parsvnath Developers Ltd, real estate developer, with a pan India presence, has recorded a net profit of Rs 292 crore as against Rs 106.24 crore in the corresponding year.

The board of directors of the company has recommended a dividend of Rs 2.50 per share for its shareholders.

The operating margins recorded a substantial improvement during this fiscal at 30.24 per cent as against 23.61 per cent in the corresponding period of previous fiscal.

During the year, Parsvnath had 28 completed projects as against 15 completed projects in the beginning of the year. The number of customers grew to 17,500 from 12,800 during the year. The geographical spread of the company improved to 46 cities across 17 states from 33 cities across 11 states.

The number of ongoing projects have increased to 110 across verticals as against 62 projects at the beginning of the fiscal.

Commenting on company's performance, Mr. Pradeep Jain, Chairman, Parsvnath Developers Limited, said, ''The company now has 151 million sq ft of developable area including 4 SEZs with developable area of 26 million sq ft. We have already commenced work on 66 million sq ft and expect that construction work on remaining would start in the current fiscal.'' UNI