Contact Us

Ansal API sold properties worth Rs 2,392.7 crore in FY11

The Economic Times, New Delhi

April 11, 2011


Real estate firm Ansal Properties & Infrastructure has sold properties worth Rs 2,392.7 crore, comprising 22.43 million sq ft of spaces, during the financial year 2010-11. According to a presentation by the company to its investors, Ansal API said the sales realisation has also increased by about 37 percent to Rs 1,067 per sq ft in the last financial year.

"The total sales booked in FY11 increased to 22.43 million sq ft aggregating to sale value of about Rs 2,392.7 crore," the company said. Of the total sales, the company's largest township in Lucknow 'Sushant Golf City' contributed 11.49 million sq ft, while the Gurgaon township 'Esencia' contributed 2.93 million sq ft to the total sales booked in last fiscal, it added. 'Sushant Golf City' is a 3,530-acre hi-tech township, while 'Esencia' is being developed in 112 acres of land.

The company sold worth Rs 1,111.37 crore projects in Uttar Pradesh, while Haryana accounted for worth Rs 1,080.47 crore properties. The remaining sales were contributed by different properties in Rajasthan and Punjab. Out of the total sales, plots contributed 10.72 million sq ft, while villas and group housing projects accounted for 2.59 million sq ft and 2.32 million sq ft, respectively, the presentation mentioned.

Talking about improvement in sales revenue realisation in last fiscal, Ansal API said it recorded "significant" increase due to good demand for its assets, including plots, villas and group housings. "During the year, the average realisation improved significantly by about 37 per cent to about Rs 1,067 per sq ft as against about Rs 777 per cent sq ft in FY10," it added.

Besides, the company's total collections from customers during last fiscal soared by over two-fold to Rs 1,526.5 crore from Rs 715 crore in 2009-10, the presentation mentioned. The company currently has a net land bank of over 8,500 acres in various locations across the country.

Ansal API is currently in the process of raising up to Rs 350 crore in 2011 from private equity players by diluting its stake at various projects to fund its ongoing constructions. Last year, the company had raised Rs 231 crore through private placement of shares to institutional investors for reducing its debt and execute ongoing projects.

It had posted 4.81 per cent jump in its consolidated net profit for the quarter ended December 31, 2010, at Rs 32.93 crore. The consolidated total revenue during the third quarter of last fiscal increased by 6.50 per cent to Rs 353.17 crore. Shares of the company closed today at Rs 45.30 on the Bombay Stock Exchange, up 4.86 per cent from its previous close.