Parsvnath Q1 net profit flat at Rs 4.58 crore

New Delhi: Realty firm Parsvnath Developers Ltd on Saturday reported a marginal decline in net profit at Rs 4.58 crore for the quarter ended June on lower sales.

Its net profit stood at Rs 4.64 crore in the year-ago period, the company said in a regulatory filing.

Income from operations fell to Rs 86.65 crore during the first quarter of the current fiscal, from Rs 134.18 crore in the year-ago period.

"The real estate sector still needs to gain consistent momentum. Though there has been an uptick in commercial real estate but the residential segment is witnessing a slow but steady demand," Parsvnath Developers Chairman Pradeep Jain said.

Parsvnath is developing 45 projects having 53.47 million sq ft of developable area.