Quarterly Performance

Standalone sales for the quarter ended Mar ’08 was higher by 32% to Rs 526.49 crore. Operating profit growth for the quarter was limited to 18% as the operating margin contract to 31.2% compared to 34.7% in corresponding previous period. Sharp erosion in OPM is largely on account of sharp rise in construction cost which as a proportion to sales was higher by 350 basis points to 64.2%. Staff cost was higher by 60 bps to 2.7%. But the other expense was lower by 40 bps to 2%.

Other income of the company was higher by 10% to Rs 13.73 crore gaining out of return from short term investment of unutilized IPO money and customer advances on booking of space. Interest expenses shoot up by 228% to Rs 17.86 crore and depreciation was higher by 66% to Rs 8.24 crore. The PBT was higher by 8% to Rs 151.70 crore. The taxation provision was higher by 335% to Rs 42.82 crore thus limited; the PAT was down by 17% to Rs 108.88 crore. Prior period tax write back was nil compared to a write back of Rs 1.29 crore, thus left the net profit was lower by 18% to Rs 108.88 crore.

Consolidated net revenue including other income was higher by 62%. Consolidated PBIDT was higher 99% to Rs 186.66 crore with EBITDA margin stay at 37.5%. Finally the net profit was higher by 109% to Rs 112.57 crore.

Yearly performance

Standalone revenue for the fiscal ended Mar ’08 was up by 40% to Rs 1726.25 crore. Operating profit was leaped by 64% to Rs 583.38 crore, as OPM stand expand to 33.8% from 28.8% in corresponding previous period. After accounting for higher other income (up 166%) and higher depreciation and interest cost, the PBT stood higher by 69% to Rs 586.48 crore. After providing for taxation (Rs 178.02 crore, up 153%), the PAT before PPT was higher by 47% to Rs 408.46 crore. The PPT write back was Rs 28 lakh compared to a charge of Rs 5.85 crore in the corresponding previous period. Eventually the net profit was higher by 50% to Rs 408.74 crore.

Consolidated revenue for the fiscal ended Mar ’08 was higher by 17% to Rs 1771.33 crore. Operating profit was higher by 47% as the OPM expand to 34.7% from 27.6%. Spurred by higher other income that more than doubled offsetting the higher interest and depreciation cost the PBT was higher by 51% to Rs 617.22 crore. The taxation was higher by 107% to Rs 190.52 crore thus limited the PAT was higher by 35% to Rs 426.70 crore. After accounting for prior period tax of Rs 2.33 crore (down 60%) and a minority loss of Rs 2 lakh as against a gain of Rs 17.64 crore, the net profit was higher by 45% to Rs 424.39 crore.

Other developments

Land bank of the company excluding SEZ was 211.32 million square feet. Out of which project under construction/ development (excluding SEZs) was 77 million square feet.

Launched Parsvnath PrideAsia at Chandigarh – Acre, the first of its kind luxurious township, having a saleable area of 4.4 million sq. ft. with a realizable value of Rs. 4000 crore (US$ 1 billion).

Saffron Group funds Yatra Capital and Saffron India Real Estate Fund invested Rs.186 Crore for the development of BEST Bus Depot near the Bandra Kurla Complex, Mumbai. The company is actively negotiating with FDIs for equity participation in some of its group housing, commercial, townships and SEZs projects.

Acquired a land of 5735 sq. yards at 27, K.G. Marg, Connaught Place, New Delhi, to build a Luxury Shopping Mall and State-of-the-Art Offices.

Plan to develop 10 hotels over 3-5 years period in JV with Royal Orchid Hotels. Besides the JV with Fortune Park Hotels Ltd. a wholly owned subsidiary of ITC Ltd, to manage 50 Hotels.

Signed MoU with Al-Hassan Group of Muscat, Sultanate of Oman, for exploring the possibilities of developing real estate projects in Oman.

Entered into an agreement with TAV Havalimanlari Holding A.s, Turkey, and a recognized and experienced international Airport Operator. This is in line with its planning for the development and operation of airports in the country.

Inked LoI’s with Government of Rajasthan & Madhya Pradesh for development of Jaipur, Ajmer and Indore SEZs respectively.

Acquired 370 acre notified Pharma SEZ project in Nanded, Maharashtra.

Notifications received for Dehradun and Gurgaon SEZ.

Received License for IT Park in Gurgaon.

Incorporated subsidiary Companies viz. ‘Parsvnath Retail Limited’, ‘Parsvnath Hotels Ltd.’, ‘Parsvnath Assets Ltd.’, ‘Parsvnath Telecom Ltd.’ and ‘Parsvnath Developers Pte. Ltd., Singapore’ .

To pay a dividednd @ 30% for FY ’08.

The stock hovers around Rs 152.10.