Topline growth of 241% y-o-y, at Rs 301 crore
PAT at Rs 24 crore – 8% of Total Income
Bangalore, May 29, 2014: Nitesh Estates Limited, an integrated property developer with strong brand recall and presence across all asset classes, has announced their results for FY-2014 reflecting continued robust performance by the Company. The total income for the year ended March 31, 2014 was Rs 301 crore, up by 241%.
The Company’s profit after tax stood at Rs 23.6 crore for the fiscal year 2014.
The Board of Directors of Nitesh Estates at its meeting held here took on record the financial results of the company for the year ended on March 31, 2014.
Mr. Ashwini Kumar, Executive Director and Chief Operating Officer, Nitesh Estates Ltd. said
“We are pleased with the steady improvement in the Company’s performance. On year over year basis, revenue grew by 241%. The sales potential of our project portfolio now is Rs 4,100 crore of which only Rs 417 crore has got recognized as revenue and the balance will get recognized in the coming years.” He added, “We are making steady progress at our various project sites and we can look at significant growth again in the fiscal year 2015. PAT was 8% of total income and the topline growth in the coming year would also see a significant improvement in this metric.”
About Nitesh Estates Limited
Founded by entrepreneur Nitesh Shetty in the year 2004, Nitesh Estates Ltd. is a leading integrated property development company headquartered in Bangalore. The company provides world-class products and services and has presence across four asset class – Homes, Hotels, Office Buildings, and Shopping Malls. Since inception, Nitesh Estates Ltd. has created a niche for itself by pioneering some of the finest real estate projects in the cities of Bangalore, Chennai, Goa and Kochi. Nitesh Estates Ltd. has 22 million square feet under development.