Mumbai, Marathon NextGen Realty Limited, a Mumbai based leading real estate Company, has posted a 251% rise in net profit to Rs.146.69 crores for the year ended March 31, 2010 as compared to Rs. 41.76 crores 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 1 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 Rs. 250 crores during the year ended March 31, 2010, as compared to Rs. 131 crores reported during the previous year.
Net profit for the quarter ended March 31, 2010 rose by 396% to Rs 47.86 crores as against Rs.9.64 crores posted in the same period last fiscal year. Net sales stood at Rs. 75.55 crores during the quarter ended March 31, 2010 as against Rs.21.34 crores 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 Rs. 116.05.
The companys 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, Mr. 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.
Highlights for the quarter ended March 31, 2010 vs. March 31, 2009.
(Rs. in crore)
Sr. No
Particular
Q4 March 31, 2010
Q4 March 31, 2009
FY 2009-10
FY 2008-09
1
Net Income from Sales
75.55
21.34
213.88
105.04
2
PAT
47.86
9.64
146.69
41.76
3
EPS (Rs.)
37.87
7.61
116.05
33.03
Notes to Editor
About Marathon NextGen Realty Ltd
Marathon NextGen Realty Ltd is a part of Marathon Group. The Marathon Group was set up in 1969. Known for setting several benchmarks in the real estate Sector the Group was the first private sector entity to introduce the concept of modern town planning in its projects. The Group was the first developer to build a helipad atop its 25 storey Marathon Heights project at Worli in the year 1996.
The Group is known for pioneering the concept of low-risk, high-return land bank concept in India. Using the tried and tested model, the Group has successfully developed mill land properties after resolving complex labour and financial issues in Mumbai. Among the projects done using the model are: Piramal Spinning and weaving mill - Marathon NextGen, Jaibharat Oil mill - Marathon Heights and Mafatlal mills - Marathon Futurex.
