Poddar Dev posts over three-fold jump in Q1 net to Rs 10.2 cr

Realty player Poddar Developers today reported over three-fold jump in the consolidated net profit for the April-June quarter at Rs 10.20 crore mainly on the back of improved sales.
It had reported a net profit of Rs 2.94 crore in the corresponding quarter last fiscal, a release issued here said.
The Mumbai-based firm's sales stood at Rs 51.32 crore during the quarter against Rs 21.86 crore a year-ago, registering over two fold growth.
"We have posted a robust revenue growth based on the fact that this sector has a strong demand for affordable housing," company's Managing Director Rohit Poddar said.

He said the company's existing portfolio was dominated by white and blue collar workers who have had a lifelong ambition of owning a home in Mumbai, but have been unable to do so due to the high prices, lack of transparency and lack of options for a good quality life at highly affordable prices.
"We strongly believe that the affordable housing segment will see a favourable growth in the years to come," he added.
Currently, the company has projects that are underway in Kalyan, Badlapur, Karjat and Shahapur.
Poddar Developers shares today closed at Rs 192.1 apiece on the BSE, up 19.99 per cent from the previous close of Rs 160.10.