Parsvnath Q4 net profit at Rs 13.8 crore compared to net loss of Rs 23.7 crore a year ago

NEW DELHI: Parsvnath Developers Limited has reported a net profit of Rs 13.8 crore for the quarter ended March 31, 2013, up from a net loss of Rs 23.7 crore in the same quarter last year. Its revenues for the quarter were down 17% at Rs 181.9 crore, compared with Rs 219.2 crore a year ago.

The company's consolidated revenues for the year ended March 31, 2013 was Rs 642.6 crore, down 29% from Rs 905.2 crore last year. Net profit for the year stood at Rs 72.5 crore, up 5.2% from Rs 68.9 crore a year ago.

"This year brought in some positive sentiments in the market which would yield returns in coming quarters. Few of the decisions by government regarding ECB for affordable housing and FDI in retail are surely going to have positive impact on our business," said Pradeep Jain, chairman, Parsvnath Group.

"In addition, the recent cuts in repo rate by RBI will encourage home buyers. This will surely curb the problem of piling inventories. Overall, we see some robust business in coming quarters," he added.