Nitesh Estates post Q2 net profit of Rs 15.2 crore

BANGALORE: Nitesh Estates, a Bangalore-based real estate developer, on Tuesday reported increase in net profit to Rs 15.2 crore for the quarter ended September 30, as against a loss of 12.56 crore during the same period last year.

The total income was Rs 84.4 crore, up by 180% compared to the corresponding quarter of the last financial year., the company said.

“We have recognized revenue of 3-4 projects which was sold 2 years ago. There is sizeable un-booked revenue of Rs 900 crore that is going to be recognized in the next 3-4 quarters,” says Nitesh Shetty managing director Nitesh Estates.

The builder sold 300, 000 sft of new space valued at Rs 150 crore in the second quarter. The average realization of Rs. 6081 per sft is up by 20% as compared Q2FY13. During the quarter it opened The luxury hotel Ritz-Carlton in Bangalore owned and Nitesh British Columbia, a premium high rise condominium project having 388 apartments ranging from 1000 sq. ft. to 1600 sq. ft.

Nitesh Estates is engaged in the development of residential real estate and commercial projects and has 17 projects with around 12.02 million sq. ft. of area currently under development and 8.3 million sq. ft. of area planned for future developments across all assets class with predominant focus on residential segment in cities of Bangalore, Chennai, Goa and Kochi.

The company wants to double the portfolio from 12 million sq ft now and increase revenue potential to Rs 8,000 crore over the next three few years.

Its debt equity ratio is 0.6 with a net debt of Rs 204 crore.

The company’s stock closed down 0.2% at Rs 11.11 on BSE on Tuesday.