Tight liquidity environment has resulted in the interest cost during the quarter increasing by 9%, however the depreciation allowance fell by 7%. As a result the profit before tax (PBT) fell by 92% to Rs 12.57 crore during the quarter under review. After providing for tax credit, the net profit of the company was Rs 13.55 crore, which was 88% lower compared to the corresponding quarter of the previous year.

Standalone performance for the full year ended March 2009 fell by 58% to Rs 744.04 crore as compared to the previous fiscal. After providing for other finance charges and tax expenses the net profit fell by 72% to Rs 113.04 crore during the year ended March 2009.

The company has passed the enabling resolution to raise Rs 2,500 crore through issue of securities and to increase the foreign investment limit in the company by up to 40%. The company has approved the increase in the limit of Foreign Institutional Investors holding in the company from 24% to up to 40% of the share capital of the company.

During the previous quarter ended March 2009 the company launched its first integrated group housing and commercial mall project in Jamnagar to be developed on total land area of 13,200 square meters. The company completed the Azadpur Metro station project during the previous quarter, which was awarded to the company by DMRC.

Performance for the quarter and year ended March 2009

Quarter ended March 2009-

Extremely disappointing global scenario, which had substantially impacted the domestic realty sector has resulted in the top-line for the company falling by 87% to Rs 72.06 crore during the quarter ended March 2009 as compared to the corresponding quarter of the previous year. The OPM however improved to 49.3% as compared to 32.1% during the corresponding quarter of the previous year. This was primarily due to improvement in the construction & development cost. Thus the absolute operating profit fell by 79% to Rs 35.52 crore during the quarter under review.

Tight liquidity environment has resulted in the interest cost during the quarter increasing by 9%, however the depreciation allowance fell by 7%. As a result the profit before tax (PBT) fell by 92% to Rs 12.57 crore during the quarter under review. After providing for tax credit, the net profit of the company was Rs 13.55 crore, which was 88% lower compared to the corresponding quarter of the previous year.

Year ended March 2009-

Standalone performance for the full year ended March 2009 fell by 58% to Rs 744.04 crore as compared to the previous fiscal. The OPM for the full year though fell to 29.7% as compared to 35% during the previous fiscal mainly due to increased employee cost and other operating expenses. The construction and development expenses however remained lower. As a result the absolute operating profit fell by 64% to Rs 221.26 crore during the year ended March 2009.

The interest cost and the depreciation allowance remained extremely higher, both increasing by 88% and 17% respectively during the year under review. Thus the PBT posted a fall of 76% to Rs 138.53 crore during the year ended March 2009. After providing for tax expenses the net profit fell by 72% to Rs 113.04 crore during the year ended March 2009.

The consolidated top-line for the full year ended March 2009 was lower by 61% to Rs 710.63 crore whereas the consolidated bottomline for the full year was Rs 112.90 crore, which was 73% lower compared to the previous fiscal.

The company has passed the enabling resolution to raise Rs 2,500 crore through issue of securities and to increase the foreign investment limit in the company by up to 40%. The company has approved the increase in the limit of Foreign Institutional Investors holding in the company from 24% to up to 40% of the share capital of the company.

During the previous quarter ended March 2009 the company launched its first integrated group housing and commercial mall project in Jamnagar to be developed on total land area of 13,200 square meters.

The company completed the Azadpur Metro station project during the previous quarter, which was awarded to the company by DMRC.

The company did the Bhoomi pujan of its affordable housing project ‘Parsvnath Royale Floors' in Parsvnath City, Lucknow.

The construction of station box valued at Rs 29.5 crore at the Dhaula Kuan metro station, which will connect Connaught place to the International Airport is expected to be completed in the next 15 months.

The company got a contract worth Rs 125 crore to develop Buddha Smriti Udhyaan at Patna. The Buddha Smriti Udhyaan Development Company Limited (BSUDCL) awards this contract.

The promoters currently hold 80.06% of the total equity.

The scrip is currently trading at Rs 83 on the BSE.