Ackruti City posts Rs 67.80 cr net profit in Q3 FY 11

Posted By: Pti
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Mumbai, Feb 4 (PTI) Ackruti City Limited, a leading realestate developer today announced 12.8 per cent decline inconsolidated net profit at Rs 67.80 crore in Q3 FY 11 ascompared to Rs 77.77 crore in the same period last year.

For Q3 FY 11, the consolidated revenue at Rs 214.08 croreshowed a marginal decline of 2.4 per cent over Q3 of theprevious year, a company statement said here.

However, consolidated revenue for nine months at Rs555.37 crore grew by 64 per cent over the corresponding ninemonths of the previous year. Consolidated net profit for ninemonths at Rs 165.5 crore reported a jump of 41 per cent overthe same period during the previous year.

"So far this financial year has been quite satisfactory.

We have achieved 93 per cent of last financial year''s revenuein the first nine months itself," Ackruti City ManagingDirector, Vimal Shah said.

We hope to maintain the growth momentum. The work at allour ongoing projects is progressing well and in coming monthswe intend to launch a couple of luxury segment projects inSouth Mumbai. Overall, we expect FY11 to be quite rewarding,Shah said.

The company is also looking at venturing into Ahmedabad,Surat and Vadodara in Gujarat for residential as well ascommercial property development shortly, Shah said.

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