Ashiana Housing net profit drops
Delhi-based real estate developer Ashiana Housing on Thursday reported a 36% drop in consolidated net profit to Rs 67.01 crore in financial year 2016-17 (FY17), against Rs 105.81 crore in the previous financial year.
Sales and other income also decreased to Rs 397.02 crore in financial year 2016-17, compared with Rs 542.67 in financial year 2015-16, the company said in a regulatory filing.
Total comprehensive income decreased to Rs 72.77 crore in FY17, against Rs 110.80 crore in FY16.
Yearly booking area for the company declined to 6.95 lakh square feet in FY17, against 8.63 in FY16, registering a decline of 19%. In quarterly terms also the booking area declined to 1.05 lakh sq ft in March quarter this year, against 2.21 lakh sq ft in March quarter of FY16, registering a decline of 52%.
“While the overall sense is that impact of demonetisation has reduced, we expect the booking numbers to start improving from FY18 onwards,” the company said.
For the quarter ended March 31, 2017, the consolidated net profit for the developer, however, increased to Rs 34.10 crore, against Rs 15.93 crore in the previous quarter, registering a rise of 113%.
Sales and other income of the company also increased to Rs 193.98 crore in the March quarter, against Rs 54.12 crore in the December quarter.
Ashiana Housing focuses on developing housing for senior living. While the company has major presence Jaipur and Bhiwadi, it also has projects in Gurgaon, Jamshedpur, Chennai, Pune, Jodhpur and Gujarat.