Parsvnath Q1 net rises 131.14 per cent

New Delhi, July 30: Parsvnath Developers Ltd (PDL) today said its net profit has increased by 131.14 per cent to Rs 84.46 crore for the quarter ended June 30, 2007 compared to Rs 36.54 crore for the same quarter a year ago.

Total income also shot up by 43.30 per cent to Rs 356.85 crore for Q1 FY07 against Rs 249.01 crore for Q1 FY06.

The Group posted a net profit of Rs 102.17 crore for the first quarter of the current fiscal, while the total income was Rs 414.46 crore for the quarter ended June 30, 2007.

Commenting on the company's performance and future plans, PDL Chairman Pradeep Jain said, ''We are now taking PDL to next level of maturity by undertaking real estate development in overseas markets. This would help in risk and asset diversification, besides adding growth for company's shareholders.'' PDL plans to launch Parsvnath Pride Asia, an integrated township project in Rajiv Gandhi Technology Park, Chandigarh by mid-August 2007. With a 129 acre area, the realisable value of the project stands at Rs 3,400 crore.

''The township would include shopping malls with multiplexes, five-star service apartments, super-deluxe club with resort, sports center with sports stadium and also have water sports,'' said a statement.

PDL said it has completed work on six metro stations covering an area of 0.33 mn sq ft. In the first quarter of the current fiscal, PDL bagged a new project from DMRC for developing shopping mall outside the Netaji Subhash Place Metro station in Delhi.

UNI