Parsvnath reports Rs 96-cr consolidated revenue for Q1FY15
One of India’s leading realty and infrastructure developer group, Parsvnath Developers Ltd., has recently revealed in its FY15 first-quarter earnings report that the company’s consolidated revenue during the April-June 2014 quarter stood at Rs 96 crore.
According to the figures shared by Parsvnath Developers, the company’s profit before tax for Q1FY15 was at Rs 12 crore; while its EBIDTA and EBIDTA margins respectively were Rs 58 crore and 60 percent.
With regard to Parsvnath Developers’ stupendous performance for the company’s first quarter of FY15, and also its future projections, Parsvnath Group’s Chairman Pradeep Jain said that the company is hopeful that some of its projects will get a noteworthy boost because of the Government’s move to implement REITs and relax FDI norms for the realty sector in the Union Budget 2014-15.
Noting that some Parsvnath projects will become eligible for FDI, Jain said that the company will be “benefitted by REITs at large,” especially because it has a massive portfolio of leasable commercial space within the city of New Delhi.
Jain further asserted: “Cutting down the total built-up area requirement to 20,000 sq mtr, minimum lock up period to 3 years and a minimum investment of US$ 5 million, will mitigate fund crunch for the sector.”
Source – The Times of India
