Parsvnath Q4 net drops 89% at Rs 11.61 cr

[B. Karthick]

Real estate firm Parsvnath Developers today reported a 89.13 per cent
fall in consolidated net profit at Rs 11.61 crore for the fourth
quarter ended March 31, 2009.

The company had a net profit of Rs 106.86 crore in the March quarter
of FY'08, Parsvnath Developers said in a filing to the Bombay Stock
Exchange.

Revenue also declined to Rs 19.96 crore in the latest quarter from Rs
506.77 crore in the same month last year.

For the full year ended March 31, 2009, the realty firm reported a net
profit of Rs 112.90 crore as against Rs 424.39 crore last fiscal.

Parsvnath's revenue decreased to Rs 710.62 crore in the fiscal year
ended March 31, 2009, from Rs 1,802.46 crore in the previous
fiscal.

On a standalone basis, Parsvnath posted a net profit of Rs 13.55 crore
in the March quarter of 2009 as compared to Rs 108.87 crore in the
corresponding year ago period.

The company's revenue decreased to Rs 72.05 crore in the quarter ended
March 31 this year as against Rs 534.14 crore in the year-ago
period.

Shares of Parsvnath were trading at Rs 83.70, down 0.12 per cent on
the BSE.