Vascon Engineers Q2 net jumps 34.49% at Rs 17.77-cr

MUMBAI: Leading real estate developer, Vascon Engineers, recorded a 34.49 per cent jump in its net profit to Rs 17.77-crore in the second quarter (Q2) of FY 11, as compared to Rs 13.22-crore reported in the same period last year.

The total income of the company for the quarter rose to Rs 225.35-crore as against Rs 219.91-crore reported in Q2 of the last fiscal, a press release issued here on Monday stated.

"Vascon's strategy of a healthy mix between EPC and development projects is paying rich dividends," the company's Managing Director, R Vasudevan, said.

During the quarter, the company acquired a township project consisting of 105-acres in Chennai and also launched its residential project--Forest County--in Pune.

The company also took over GMP Technical Solution with a cash outflow of Rs 62.63-crore in the quarter, the release said.

"We are on the threshold of an exciting phase of growth and we hope to make a significant contribution to infrastructure development in the years to come. We plan to increase our presence in other Tier II and Tier III cities in the near future," he added.