Anant Raj Net Profit More Than Doubles At Rs 8.35 Cr For Q1FY20
New Delhi: Realty player Anant Raj Ltd more than doubled its consolidated net profit at Rs 8.35 crore for the first quarter ended June 2019 as compared to Rs 4.13 crore in the same period last fiscal, according to a regulatory filing.
The net sales of the company, however, fell around 2 percent at Rs 100.74 crore for the latest quarter as compared to Rs 102. 26 crore in the corresponding quarter of the previous fiscal.
During the quarter, the company entered into a joint venture agreement with Birla Estates Pvt Ltd for the development of two residential projects in sector 63A Gurugram. The joint venture "Avarua Projects LLP" is in the form of a 50:50 Limited Liabilities Partnership (LLP). Anant Raj will contribute, mainly, by way of project land. Birla Estates Pvt Ltd would be the working partner. The two projects would be developed and marketed as a joint venture of Birla Estates and Anant Raj. The size of joint venture LLP is estimated to be around Rs 760 crore.