Nitesh Estates Limited has announced impressive performance for the third quarter ended on December 31, 2010 with a Consolidated Total Income of Rs. 31.8 Crore; EBIDTA of Rs 4.03 Crore & PAT of Rs. 2.58 Crore. For the nine months period ended 31st December 2010, the company posted consolidated total revenue of Rs. 112.69 Crore, EBIDTA of Rs. 18.43 Crore & PAT of Rs. 10.04 Crore. The Board of Directors of Nitesh Estates at its meeting took on record the consolidated & stand-alone financial results of the company for the third quarter of FY11.
Commenting on the results, L. S. Vaidyanathan, Executive Director, Nitesh Estates said “The pipeline of projects gives us the confidence that the strong growth will continue in the last quarter also. The company has launched 6 residential projects after its listing on 13th May 2010. Work on these projects has begun. Currently 4 million sq.ft of developable area is in the execution stage. We have witnessed a good uptick in sales and we are happy to announce that 1 million sq.ft has been sold in the first three quarters of the FY 2011. The Ritz Carlton construction is on schedule and the building structure is complete. Architecture and design of Nitesh Mall which will come up in Indiranagar, Bangalore is in advanced stage and we will soon launch the lease of the project.”
