Parsvnath Developers records 180% increase in net profit at Rs 102 crore for Q1 FY08

New Delhi, India, July 30, 2007 - Parsvnath Developers Ltd, India’s leading real estate developer with a pan India presence, recorded consolidated revenues of Rs 414.46 crore for the quarter ended June 30, 2007, an increase of 66.44% from Rs 249.01 crore in the corresponding quarter last fiscal. EBITDA was at Rs 152.14 crore, an increase of 162.31% as compared to Rs 58 crore in Q1 FY07. Net profit stood at Rs 102.18 crore, up by 179.56% from Rs 36.55 crore. The non annualized EPS at the end of the quarter was at Rs 5.53.

The operating margins increased to 36.70% from 23.29% in the corresponding quarter last fiscal. The net margins also saw an increase to 24.65% as compared to 14.68% in Q1 FY07.

PDL has decided to venture into offshore real estate development in countries like UK, Singapore, UAE, Muscat, Bahrain and Mauritius. It would undertake the real estate development by tying up with the local partner. In line with this strategy, PDL has tied up with Al-Hassan Group of Industries, Oman, Muscat.

During the first quarter of the current fiscal, PDL bagged some prestigious projects and also launched new projects. Commenting on the company’s performance and future plans, Mr. Pradeep Jain, Chairman, Parsvnath Developers Limited, said, “While we are strengthening our presence across various demographies and verticals in India, we are now taking PDL to next level of maturity by undertaking real estate development in overseas markets. This would help in risk and asset diversification, besides adding growth for company’s shareholders”.

Parsvnath Pride Asia, Chandigarh:

PDL has plans to launch Parsvnath Pride Asia, an integrated township project in Rajiv Gandhi Technology Park, Chandigarh by mid-August 2007. With a 129 acre area, this high-end residential project has a developable area of 4.4 mn sq ft and realisable value of Rs 3400 crore. The township would include shopping malls with multiplexes, 5 star service apartments, super deluxe club with resort, sports center with sports stadium and also have water sports.

SEZs:

Among the planned SEZs of the company, one more SEZ in Andhra Pradesh got formal approval from the government. The approval was for developing a 25-acre plot at Genome Valley Biotech Park, Phase III in Hyderabad. With this, PDL now has 5 formally approved SEZs covering developable area of 27.96 million sq. ft. The process for receiving notification on the same is in progress and the construction would start as soon as the notification is received. The constructors and architects have already been finalized for the same. Besides this, in-principle approval has been received for 7 SEZs for which land acquisition is in progress. The developable area of these 7 SEZs will further add to PDL’s developable rights by 170 mn sq ft.

Metro Stations:

PDL has completed work on 6 metro stations covering an area 0.33 mn sq ft. In the first quarter of the current fiscal, PDL bagged a new project from DMRC for developing shopping mall outside the Netaji Subhash Place Metro station in Delhi. With this, PDL now has 13 DMRC projects with a developable area of 2.31 mn sq ft.

Hotels:

PDL currently has 17 hotel projects with a developable area of 27.96 mn sq ft. The company is in the process of finalizing operating agreements with world-renowned hotel operators.

The company now has 159.84 million sq ft of developable area including 5 SEZs with developable area of 27.96 million sq ft. PDL has already commenced work on 74 million sq ft and expects that construction work on remaining would start in the current fiscal. The company has already sold 26.5 mn sq ft valuing approximately Rs 6,100 crore. The total development cost including land cost, construction and development costs for the total area is Rs 22,217.6 crore.

The projects of the company are spread across 48 cities and 17 states. The number of ongoing projects have increased to 115 across verticals. The company also added 95 employees in the quarter and now has 925 employees.

Project Highlights

The company has a developable area of 159.84 million sq ft, including 5SEZs, the break-up of which as under:

Residential: 35 projects with developable area of 33.67 million sq ft

Commercial: 22 projects with developable area of 4.73 million sq ft

Integrated Township: 18 projects with developable area 77.55 million sq ft

IT park : 5 projects with developable area of 9.13 million sq ft

DMRC: 13 projects with a developable area of 2.31 million sq ft

Hotels: 17 projects of 2396 rooms with an area of 2.27 million sq ft

Multiplexes: Developing 114 Multiplex Screens across India

SEZs: 5 projects with a developable area of 27.96 million sq ft

Financial Highlights (all comparisons to Q1 FY07)

* Consolidated Revenue at Rs 414.46 crore, an increase of 66.44 % from Rs 249.01 crore

* EBIDTA at Rs 152.14 crore, up by 162.31% from Rs 58 crore

* Consolidated PAT at Rs 102.18 crore, an increase of 179.56 % from Rs 36.55 crore

* EPS (non-annualized) at Rs 5.53 Operational Highlights for Q1FY08

* Added 6.38 million sq. ft. in the quarter.

* Developable area is 159.84 million sq ft. This includes 5 SEZs with developable area of 27.96 million sq ft.

* Area under construction is 74 million sq ft

* Launched and started construction on 11 projects, bagged 7 new projects

* The 11 projects launched ad started in the quarter have a saleable value of Rs 2,634 crore and are expected to complete in next 4 years

* Received formal approval for a Biotech SEZ in Hyderabad

* Acquired land for developing a 40 acre IT Park in Kerala Business Strategy

* Plans to launch the Pride Asia, Chandigarh project in mid-August 2007

* Decided to undertake offshore real estate development. Plans to float offshore companies in various countries along with a local partner as a subsidiary of PDL

* Tied up with Al-Hassan Group of Industries, Oman, Muscat

Forward Looking Statement

Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward looking statements. Parsvnath Developers Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

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source: inrnews.com

Government to build IT townships

New Delhi, India, August 04, 2007 - The latest player to enter India's booming real estate sector is its government. Plans are on to develop 6-7 new IT townships called Knowledge Townships. These are to be located close to major cities and international airports with private sector participation.

They will be extensions of satellite towns like Gurgaon, to be called Gurgaon Plus, Mohali, to be called Mohali Plus, and so on. Each township would have a minimum 10-hectare built-up area to make it compliant with FDI rules relating to investment in real estate. This is primarily to attract foreign expertise. The cost incurred to set up each township may be to the tune of Rs. 500 - 650 crores. Companies buying space in these townships will be given tax breaks under the Software Technology Park (STP) or Special Economic Zone (SEZ) Schemes. SEZs offer a cumulative 15-year tax exemption period - 100% tax exemption for the first five years and two subsequent five-year exemptions of 70% and 50%. Sweet.

The first of these new townships is expected to come up by 2012 and the rest by 2015. They would also be residential and based on the walk to work concept where people will be encouraged to live close to their offices. Perhaps this is the reason manufacturing companies are not on the invitation list to set up shop.

The provision of civic facilities like water, drainage and electricity will have the involvement of the Ministry of Urban Development, while NASSCOM president Kiran Karnik has plans to include top academic institutions like IIT and IIM within these townships. The Knowledge townships will also have recreational and healthcare facilities.

The committee created to steward this concept is comprised of several members from the PMO and from various ministries - IT &Telecom, Urban development, Civil aviation, DIPP and NASSCOM.

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Parsvnath Launches PRIDEASIA township at Chandigarh

Chandigarh, India, August 30, 2007 - Parsvnath Developers Ltd on August 30, 2007 has announced the launch of Parsvnath PRIDEASIA, a strategically located project in Chandigarh. With a realization value of approximately USD 1 billion (Rs 4100 crore), Parsvnath PRIDEASIA is an exquisitely designed luxurious township providing for aristocratic living. Located amidst Sukhna lake, golf course, an upcoming five star hotel and in the backdrop of Shivalik range, an investment in this project would provide much more value to its resident than just a luxurious and comfortable living.

The revenue from this project would be realized over a period of three years, including current financial year.

Spread over 123 acres, this project is one-of-its-kind and is an integral part of the Rajiv Gandhi Chandigarh Technology Park. Parsvnath PRIDEASIA is a joint venture between the Company and Chandigarh Housing Board. The project has a saleable residential area of 38.5 lakh sq.ft a commercial area of 2.7 lakh sq.ft and a club, sports centre and a water sports complex of 2 lakh sq.ft.

The project is being jointly marketed through marketing arms of the Company and various banks and the amount would be collected in an escrow account. 30% of the gross receipts from the residential segment would go to Chandigarh Housing Board and balance 70% would come to the Company. The realisations from segments other than residential would come entirely to the Company.

Speaking at the launch, Mr. Pradeep Jain, Chairman, the Company said, "Parsvnath PRIDEASIA is one of our most exquisite projects. It is a landmark project in India and an important milestone in furthering the public private partnership model for development of Chandigarh".

"Parsvnath PRIDEASIA is aimed at redefining the yardstick of luxury and magnificence with unique layout and deliverables. It will be the most sought after address in the region given its strategic location coupled with the rising inflow of professionals" Mr. Jain added.

Enveloped with large stretches of green precincts and surrounded by water bodies, Parsvnath PRIDEASIA is a premium accommodation ranging from one to five bedroom air-conditioned apartments with their cost ranging approximately between Rs 52 lakh to Rs 3.8 crore. The project will be launched phase wise with 359 units out of a total of 1314 units being launched in Phase 1. The estimated sales value of Phase 1 of the project is Rs 750 crore. It will also showcase exclusive high-end villas of 8660 sq ft costing approximately Rs 6 crore each.

Alongwith basic amenities of service apartments, school, polyclinic, bus terminal, fire station and petrol pump, this project would also give the opulence of an ultra-modern shopping mall, super luxurious club, sports complex and golf cars for internal commuting. Fully air-conditioned multiplexes & food courts and a luxurious club packed with a well equipped sports complex also add to the grandeur of this plush township

Chandigarh is fast becoming the most attractive hub for investments, job creation, education and living in India. A horizon of peace and beauty, it is grabbing the attention of NRIs and retired individuals in many parts of North India Also attracting leading IT/ITES/BPO Companies, the place is also seeing many professionals residing in the city.

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Rei Agro launches its Retail Chain in Punjab

Chandigarh, India, September 04, 2007 - Rei Agro Ltd has announced that the Company has launched its retail chain called "6Ten" here in the state of Punjab and Haryana. The Company has started its operations in the state with the simultaneous opening of five stores in Chandigarh, Mohali & Punchkula on September 04, 2007.

The "6Ten" Neighbourhood Convenience Stores are a division of the over Rs 1000 crores REI Agro Ltd, India's leading producer and exporter of basmati rice. The Company has recently decided to hive off this division by forming REI Six Ten Retail Ltd The retail division comprises of over 35 retail outlets in the NCR and other backend facilities including processing and packing units etc besides outlets in Chandigarh, Mohali and Panchkula.

"6Ten" stores are Speciality Food Stores offering products such as grocery items, FMCG Products, fruit & vegetables to consumers. The Company is fast expanding its presence in the northern states including Punjab & Harayana. The Company targets to open over 50 stores across these two states in next one year.

Speaking on the occasion Mr. Sundip Jhunjhunwala, Managing Director, of the Company, said:

"With organized retailing growing at more than 30% annually, there is a huge untapped market for these stores in India. We are targeting this space across the states like Punjab & Harayana to deliver the world class product and shopping experience to consumers.

We are in the process of building a powerful brand and are poised to grow and build a dominant presence in the country's retail arena."

The organized Indian retail market is fast growing and is expected to touch $12 billion by 2015. REI would target the organized retail which has a negligible penetration in the overall retail space market in the country today.

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Ansal Housing launches Ansals Woodbury Apartments in Zirakpur near Chandigarh

Zirakpur, India, September 17, 2007 - Ansal Housing & Construction Ltd has announced that the Company on September 15, 2007 has launched a new Project named "Ansals Woodbury Apartments" at Zirakpur (Punjab). This is a Residential Group Housing Project located near PSEB Grid, Nabha Road, Babhat, Zirakpur (Punjab).

"Ansals Woodbury Apartments" is strategically located close to Chandigarh and it's 5 Kms from Chandigarh Airport, 7 Kms from Chandigarh Railway Station and 10 Kms from Chandigarh ISBT.

This Residential Project will have in-house amenities like Designer Gate, Boundary Walled Complex, Designer External Lighting, Rain Water Harvesting, Beautifully Landscaped Parks & Gazebo, Children Play Area with Swings, Club with Swimming Pool & Gymnasium, Convenient Shopping Facility, Ample Still Parking, Piped Gas Supply etc. The Company will now undertake all the development and marketing work of the project. The Project is expected to have a turnover of approx 50 crores and will be completed in the period of 3 years approximately.

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source: inrnews.com