Ashiana Housing reports 11% rise in net profit at Rs 13.04 crore

MUMBAI: Realty developer Ashiana Housing has reported 11% year-on-year rise in net profit at Rs 13.04 crore for the quarter ended June 30. The company’s revenue for the first quarter registered marginal dip at Rs 42.51 crore against Rs 42.85 crore a year ago.

The company attributed the rise in net profit despite no growth in revenue to increase in productivity led by focused approach on operational improvements.

Earnings before interest, tax, depreciation and Amortization during the quarter grew 10% to Rs 16.35 crore against Rs 14.91 crore a year ago, the company said in its earnings release.

“In the first quarter, we acquired 40 acres of land in Bhiwadi (near Mumbai); which will create pipeline for future growth. With robust bookings and smooth constructions, we are geared up to meet our annual target of 16 lakhs sq ft of bookings and 14 lakhs sq ft of equivalent area construction,” said Vishal Gupta, Managing Director, Ashiana Housing.

During the quarter, the company launched bookings for the retail segment of its project Marine Plaza, Jamshedpur. On Friday, shares of Ashiana Housing closed at Rs 152.50 on the National Stock Exchange, up 04% from Thursday’s close. Ends