Parsvnath posts 129 pc surge in Q1 net profit

Leading infrastructure developers Parsvnath on Wednesday reported a 118 per cent growth in total income for the April-June period. Declaring their Q1 results for FY 11,the company said total consolidated revenue had gone up to Rs 259 crore as against Rs 119 crore in the same period last fiscal. The company also reported a 129 per cent jump in net profit from Rs 32 crore in Q1 FY’11 compared with Rs 14 crore in the same quarter last year. The companys stock closed 2.74 per cent down to end at Rs 134.80 on the Bombay Stock Exchange. Parsvnath said it had sold a total of 7 lakh square feet in its pan-India projects in the quarter,besides handing over 13.9 lakh square feet of developed land to investors.

Parsvnath chairman Pradeep Jain said the company is in talks with private equity (PE) funds for investment,but did not name them. We are in advanced level of discussions with some PE funds and expect to conclude three or four transactions in this quarter (July-September). I cannot say what the quantum of investment would be… it may be over Rs 200 crore, he said.