Marathon NextGen Realty profit up by 251%
Marathon NextGen Realty Limited has posted a 251% rise in net profit to Rs146.69 crore for the year ended March 31, 2010 as compared to Rs41.76 crore recorded in the previous year.
The company has announced an equity dividend of 35% (Rs. 3.50 per share) inclusive of an interim dividend of 15% already paid and a Onetime Special Dividend of Rs.1.50 per share (15%).
The Board of Directors also has recommended the issue of bonus shares in the ratio of one new equity share of Rs. 10/- each for every 2 existing equity shares of Rs.10/-. The company has posted stellar results with its total Income surging to Rs250 crore during the year ended March 31, 2010, as compared to Rs131 crore reported during the previous year.
Net profit for the quarter ended March 31, 2010 rose by 396% to Rs47.86 crore as against Rs9.64 crore posted in the same period last fiscal year. Net sales stood at Rs75.55 crore during the quarter ended March 31, 2010 as against Rs21.34 crore reported in the same period last fiscal.
The Earning Per Share (basic and diluted) stood at higher at Rs. 37.87 during the quarter ended March 31, 2010 as compared to Rs. 7.61 reported in the corresponding quarter last year. For FY10 EPS is Rs116.05.
The company’s Board during its meeting held on May 31, 2010 took on record the Audited financial results for the FY ended March 31, 2010. Commenting on the financial performance, Chetan Shah, Chairman and Managing Director of Marathon NextGen Realty Limited said, "We have done exceedingly well in the fourth quarter as well as in the entire financial year. There is a growing demand for quality residential accommodation though commercial properties are a bit sluggish. However, we have achieved the phenomenal growth and profitability due to an innovative change in marketing strategy relating to the commercial segment. The traditional Marathon business model of a low cost land bank model coupled with the in-house designed-to-build expertise has contributed substantially for the excellent results."
The outlook for the future looks bright with a continued demand for premium real estate which the company specializes in.