Nitesh Estates continues with solid Q2 performance

(PRT2877)
Nitesh Estates continues with solid Q2 performance
05-May-2014

Nitesh Estates Limited, an integrated property developer with strong brand recall and presence across all asset classes, announced their results for Q2 of FY-2014 reflecting continued robust performance by the Company. The total income for the quarter ended September 30, 2013 was Rs 84.4 Crores, up by 180% compared to the corresponding quarter of the last financial year.
The Company recorded a Gross Profit of Rs 38.1 Crores, a fourfold increase over the corresponding quarter of the last fiscal year. The Company’s profit after tax stood at Rs 15.2 Crores for the quarter.
The total income for the first half of FY 2014 was Rs 184.4 crores and the PAT for the period was Rs 20.8 Crores.
The hotel Ritz-Carlton, Bangalore owned and developed by Nitesh Estates Ltd has opened its doors and the commercial operations commenced on October 31, 2013.
The Board of Directors of Nitesh Estates at its meeting held here took on record the financial results of the company for the quarter ended on September 30, 2013.
Mr. Ashwini Kumar, Executive Director and Chief Operating Officer, Nitesh Estates Ltd. said: “We have seen all round improvements in performance. On year over year basis, revenue during Q2 was up by 80%, and the average price realisation at Rs 559 per sq mtr i.e. Rs 6,018 per sq ft is also very encouraging. Nitesh British Columbia was launched during Q2 and has been very well accepted by customers. The sales potential of our project portfolio now is Rs 4,100 Crores of which only Rs 304 Crores has got recognised as revenue and the balance will get recognized in the coming quarters.” He added, “The Ritz-Carlton, Bangalore developed by the Company has commenced operations. This is a major milestone crossed. We are making steady progress at our various project sites and we can look at the coming periods with a great deal of confidence.”