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Indian Real estate companies post profits in Q1Thursday, August 02, 2007
The real estate sector has recorded commendable profit margins, evident from the profits posted by major real estate developing giants in the first quarter. The first quarter was beneficial for almost all real estate developers. Parsvnath Developers posted a record net profit of 179.56 per cent at Rs 102 crore against its previous Rs 36.55 crore. The growth in the first quarter of current fiscal was 66.44 per cent over the first quarter of last fiscal as the capital rose from Rs 249.01 crore to Rs 414.56 crore. Parsvnath Developers lapped up some major projects and have plans to launch a few more. By the middle of this month, they are set to launch their integrated township project in Chandigarh. Riding high on its profit margin, they now plan to diversify their interests by investing in real estate development in countries like UK, Singapore, Bahrain, Mauritius, Muscat and the United Arab Emirates. Furthering their plans, they have already tied up with Al Hassan Group of Companies, Oman, Muscat. Unitech on the other hand has been registering a consistent growth of 8.6 per cent for the last four years. Its net profit for the first quarter was Rs 365.57 crore and net sales of Rs 865.59 crore. Unitech has lined up for a joint venture with Salim Group, Indonesia, for developing an expressway and a bridge over the Hooghly in West Bengal. Its individual projects include airport development in India. In talks with airline operators, it plans to grab the airport overhauling projects in the current fiscal. Ansal Properties and Infrastructure Ltd. (Ansal API) reported a net profit of 16 per cent. Its consolidated capital was Rs 184.05 crore. The net profit of Rs. 32.59 crore was higher than the Rs.28.22 crore in the first quarter of the last fiscal year. The good performance of developers reflected in the EBITDA (earning before interest, tax, depreciation, and amortization) scale also. Used to assess a company’s operational profitability before non-operating expenses and non-cash charges, it is a good measure to compare profitability between the companies and industries. EBITDA Profit for Parsvnath Developers was 162.31 per cent while for Ansal API, it was 15 per cent. Related Readings»Realty giant Parsvnath to invest USD 4 billion
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