BANGALORE: Nitesh Estates has reported a net profit of Rs5.64 crore in the first quarter ended June as against a loss ofRs 3.8 crore in the same period a year ago.
Total income stood at Rs 100.02 crore, a 207% growth over Rs 32 crore reported in the same period last fiscal. Operating profit was Rs 27.9 crore, up by 201%.
"We have seen all round improvements in performance - sales was up by 22% over last quarter, construction progress has been good and this is getting reflected in the financial performance," said Ashwini Kumar, COO, Nitesh Estates.
The company has unrecognized revenues of Rs 3,028 crore, which will be realized over the next three quarters. "The average sales realization of residential projects was at Rs 6,096 per sqft, which has increased significantly over the last few quarters and this will translate to higher margins as revenue gets recognized in the future," said Kumar.
"We have seen all round improvements in performance - sales was up by 22% over last quarter, construction progress has been good and this is getting reflected in the financial performance," said Ashwini Kumar, COO, Nitesh Estates.
The company has unrecognized revenues of Rs 3,028 crore, which will be realized over the next three quarters. "The average sales realization of residential projects was at Rs 6,096 per sqft, which has increased significantly over the last few quarters and this will translate to higher margins as revenue gets recognized in the future," said Kumar.
The developer also announced that it would open the country's first The Ritz-Carlton luxury hotel, in Bangalore, by end of next month.
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