Realty firm Parsvnath today reported an over two-fold jump in its consolidated net profit at Rs 31.82 crore on robust demand from its housing projects.
The company had posted a net profit of Rs 13.81 crore in the corresponding quarter of the last fiscal.
The total income during the first quarter also increased by over two-fold to Rs 257.07 crore from Rs 115.30 crore in the year-ago period.
"There was better demand during last quarter from the residential segment across different areas and it contributed handsomely to our income," Parsvnath Chairman Pradeep Jain told PTI.
During April-June quarter, the company sold 0.7 million sq ft of areas and completed construction of 1.4 million sq ft, he added.
The company, which has a land bank of about 194 million sq ft, will focus more on developing the existing projects spread over about 81 million sq ft, Jain said.
The national capital-based realty major also reduced its net debt to Rs 1,384 crore in the June quarter from Rs 1,417 crore as on March 31 this year.
"The cost of debt also came down to 12.2 per cent during last quarter. As on March 31, it was 13.7 per cent," he said.
Jain said the company is planning to reduce its debt further to below Rs 1,000 crore by the end of this fiscal.
When asked about the company's fund raising plans, Jain said: "We are talking to some private equity players and finalising some deals... In this quarter some successful deals are expected."
He, however, declined to give details on how much the company is looking to raise from these deals.
Earlier he had said that the company is expecting to raise Rs 400-500 crore from PE investors during this fiscal.
