By IANS
New Delhi : Parsvnath Developers (PDL), one of India's leading real estate firms, Monday posted its net profit at Rs.1.02 billion in the first quarter of 2007-08, a growth of 180 percent from last year's Rs.365.5 million.
During the quarter, the company's consolidated revenues stood at Rs.4.14 billion that surged by 66.44 percent from Rs.2.49 billion in the same period of 2006-07.
Its operating margins increased to 36.70 percent from 23.29 percent in the corresponding quarter last fiscal. In addition, the firm's net margins also increased to 24.65 percent as compared to 14.68 percent in the first quarter of last year.
The company has also embarked upon an aggressive growth plan to partner with real estate players based in other countries like Britain, Singapore, the UAE, Muscat, Bahrain and Mauritius.
"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," PDL chairman Pradeep Jain said in a statement.
"This would help in risk and asset diversification, besides adding growth for company's shareholders," he added.
The company is currently working on five Special Economic Zones (SEZs), which have received a formal clearance from the government. It has also bagged 13 projects from Delhi Metro Rail Corporation (DMRC) with a developable area of 2.31 million square feet.
The company also added 95 employees in the quarter taking its total headcount strength to 925 employees.