Parsvnath Developers Q2 net profit up slightly at Rs 12.65 crore

NEW DELHI: Realty firm Parsvnath Developers today reported marginal rise in consolidated net profit at Rs 12.65 crore for the second quarter of this fiscal.

Its net profit stood at Rs 12.51 crore in the year-ago period.

Total income from operations rose by 55 per cent to Rs 252.29 crore during July-September quarter of this fiscal from Rs 162.46 crore in the corresponding period of the previous year, Parsvnath said in a statement.

Despite significant rise in operational income, the company's net profit was almost flat as the expenditure rose sharply during the second quarter of this fiscal to Rs 190.92 crore from Rs 90.76 crore in the year-ago period.

Parsvnath is currently working on 49 projects covering 72.68 million sq ft.

"We are focusing on construction and moreover the input costs have also increased, therefore our bottom-line has not grown like the top-line," Parsvnath Developers Chairman Pradeep Jain told PTI.

He said the company's debt has declined by about Rs 165 crore during this quarter.

Jain said the company is concentrating on leasing of its commercial project near Gole market and would soon start construction work at another commercial project in KG Marg, Delhi.