Witnessing robust demand, realty firm Ansal Properties & Infrastructure has sold nearly Rs 400 crore worth projects, comprising 2.93 million sq ft of spaces, in May this year.
According to an operational update sent to its investors, the company has sold nearly Rs 700 crore of projects in the first two months of this fiscal.
"In May, 2011, the company booked sales of 2.93 million sq ft, aggregating to sale value of about Rs 397.7 crore," the presentation said.
The major chunk of this sale was contributed by two of its residential projects in Gurgaon -- Esencia and Fernhill, it added.
"Consequently, the total area sold in two months in FY12 increased to 6.43 million sq ft, aggregating to sale value of about Rs 698.9 crore," the company said.
Out of its different residential projects, group housing scheme received highest demand by registering Rs 195.05 crore worth sale.
It was followed by villas with Rs 94.44 crore sales and plots with Rs 62.93 crore sales, Ansal API said in the presentation.
Besides, the company told its investors that it had collected Rs 147.2 crore from its customers in May. Following this collection, the National Capital-based firm has generated Rs 295.7 crore in this fiscal.
Earlier, Ansal API had said it planned to reduce its debt by about Rs 350 crore in 2011-12 through its cash flows, which was expected to be around Rs 2,000 crore in this fiscal.
The company has a net debt of Rs 1,484 crore as on March 31, 2011. It has come down from Rs 1,630 crore a year-ago.
The real estate developer at present has a net land bank of over 8,500 acres in various locations across the country.
The company had reported a consolidated net profit of Rs 13.55 crore for the quarter ended March 31, 2011, compared to a loss of Rs 31 lakh in the year-ago period due to robust demand. The net sales increased by 61.32% to Rs 330.16 crore from Rs 204.66 crore in the same period last year.
For the entire 2010-11, the consolidated net profit of the company soared by 52.16% to Rs 108.05 crore from Rs 71.01 crore in the previous fiscal. The net sales in FY11 jumped by 48.68% to Rs 1,287.82 crore from Rs 866.14 crore in FY10.