Modern India posts 257% increase in Q2 PAT
Modern India Ltd, (BSE: 503015), a conglomerate with a focus on the real estate sector posted robust growth in income from operations for the 2nd quarter of financial year 2009-10. Income from operations for the quarter stands at Rs. 78.49 crore, an increase of 93%, as against Rs.40.66 crore in the corresponding quarter of last fiscal. PAT rose 257% to Rs.9.23 crore from Rs2.58 crore during the same period last fiscal. Earnings per share stand at Rs.2.46 against Rs.0.69 in corresponding quarter of previous fiscal, un-annualized, on equity share of Rs.2/- each.
Announcing the results, Vijay Kumar Jatia, chairman & MD, Modern India Ltd said: “Real estate industry has registered uptrend in the 2nd quarter of current fiscal. We are witnessing turnaround in economy and if momentum is sustained then real estate industry is poised for growth and will contribute to GDP rise. It appears that Lease rentals of commercial premises are now stabilizing and with the rise in economy demand for office space is expected to rise over a period of time”.
Modern India Property Developers Ltd a wholly owned subsidiary of Modern India Ltd is weighing its options in connection with development of IT/ITeS SEZ, at Khopoli, Dist., Raigad Maharashtra in a land area admeasuring about 34 Acres, including looking at alternate land use like Knowledge Park, Warehousing and Residential Township etc.
About Modern India Ltd: Modern India Ltd, (erstwhile Modern Mills Ltd.) was incorporated in the year 1933 under the management of the Sirur family. In the year 1979, the controlling interest was transferred to the Jatia’s and since then it has been in their fold. Under the stewardship of Vijay Kumar Jatia, CMD, Modern India Ltd, the company has become a well-entrenched conglomerate growing from strength to strength in infrastructure and real estate with interests in other business like education and international marketing of commodities.
Modern India Free Trade Warehousing Pvt Ltd, a subsidiary of Modern India Ltd., received the ‘in-principle approval’ from the central govt. for their proposed Free Trade Warehousing Zone under SEZ Act in Taluka Panvel and Modern India Property Developers Limited has received formal approval for IT / ITeS SEZ in Khopoli in land area admeasuring about 34Acres.