Modern India Ltd, 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. 784.9mn, an increase of 93%, as against Rs.406.6mn in the corresponding quarter of last fiscal. PAT rose 257% to Rs.92.3mn from Rs25.8mn 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.
Vijay Kumar Jatia, Chairman & Managing Director of 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”.