Vascon Engineers Ltd, a Real Estate and EPC company, on a consolidated basis recorded a revenue of Rs. 215.82 crore for Q3FY11 as against Rs.158.60 crore in the corresponding quarter last year; marking a growth of 36.08%. Similarly, Gross Profit for Q3FY11 was reported at Rs. 41.44 crore compared to Rs. 35.14 crore in the corresponding quarter last year; a growth of 17.93 %.
Mr. D. Santhanam, the Chief Financial Officer of Vascon Engineers Ltd. Said, “The profit after tax for Q3 FY11 was reported at Rs. 5.39 crore as against Rs.13.76 crore for the corresponding quarter of last year.” He pointed that last year 13.76 crore includes a profit of 10.50 crore from other operating income.
For nine months period, Vascon Engineers Ltd. recorded a revenue of Rs. 628.07 crore as against Rs. 511.21 crore, an increase of 22.86%; while Gross Profit touched Rs 133.65 crore against Rs 106.77 crore, a jump of 25.18%. The Profit after tax was reported at Rs. 36.72 crore as against Rs. 37.42 crore.
On EPC front, during the third quarter, company has bagged new orders worth Rs. 280.5 crore.
In addition to above, the company has recently acquired order worth Rs. 132 crore from Adani Township and Real Estate Company for its Shantigram Township in Ahmedabad. The project execution will commence in the month of Feb 2011 and expected to get completed in next 20 months.
Said Mr. R Vasudevan, Managing Director of Vascon Engineers Ltd: “The Indian economy which is poised to grow at 8.6% has a direct impact on the real estate industry. In the next five years, many tier II and tier III cities will witness a strong growth phase. In some of these cities we already have real estate properties for future development. Currently, we have upcoming real estate projects in Pune, Nashik, Nagpur and Chennai.”
