|
Peninsula Land Ltd. held its 135th Annual General Meeting (AGM) in Mumbai on 21th September 2007. Urvi Piramal, Chairperson of the company addressed the meet.
Excerpts from speech of Urvi Piramal – Chairperson, Peninsula Land
For the nine months ended period March 2007, the company’s total revenue stood at Rs 320.91 crore and net profit at Rs 132.38 crore. (The company’s financial accounting year has been changed from 31st June to 31st March from this year).
The company has operating profit margin of above 50%.
The company undertakes only those projects, which have internal rate of return of about 30%.
The company will split its share having a face value of Rs 10 each into Rs 2 each within 1 month of shareholder approval.
The company has 30 million square feet of land bank, out of which 2 million square feet of land is developed and 4 million square feet is under construction, while remaining land is under various development stages.
The company is currently working on 4 projects, Ashok Towers, Ashok Gardens, Peninsula Technopark and Peninsula Business Park.
Ashok Towers is a residential project in Parel of 1.08 million square feet comprising of 600 residential units. The company has pre-sold 90% of the project. The current realisations of the project are Rs 20,000 per square feet.
Ashok Gardens is a residential project of 0.9 million square feet. The company has pre- sold 70% of the project. The current realisations of the project are Rs 15,000 per square feet.
Peninsula Technopark is a commercial project of 0.9 million square feet. The company is expecting realisations of Rs 14000-15000 per square feet. The project is a JV with Swan Mills, the landowner, who is expected to pay for cost of development. Peninsula Land is responsible for execution and management of project, for 22% of gross sales.
Peninsula Business Park is a commercial project of 1.15 million square feet. The company has already sold one building to Alok Industries.
The company has received approval for four Special Economic Zones. It is going to develop 2 biotechnology SEZs called Peninsula Biotechnology Park and Peninsula Life Science Centre spread over 170 acre and one 33 acre gem & jewellery SEZ called Peninsula Solitaire Park in Goa. In Pune, it is going to develop IT SEZ called Peninsula Tech City spread over a 100 acre.
|