Ansal API’s net profit up by over 31 percent

July 1st, 2008 - 8:32 pm ICT by IANS  

New Delhi, July 1 (IANS) Realty major Ansals API’s net annual profit for 2007-08 has gone up 31.32 percent, from Rs.1.32 billion registered in the last fiscal to Rs.1.74 billion, it announced Tuesday. The consolidated revenue of the company has also gone up from Rs.8.82 billion last year to Rs.10.11 billion this year, up 14.72 percent.

“Lately, there has been turmoil in the overall economy and real estate sector in particular. However, Ansal API has recorded a reasonable growth. We believe that the present state of economy is a temporary phenomenon and Ansal API is poised for sustained growth in years ahead,” Ansal API chairman Sushil Ansal said in a statement.

He said various new projects would be executed this financial year. “We have been selective in launching our projects and that has contributed to our sustained growth,” Ansal added.

The company has also diversified into bio-diesel and wind power.

Additionally, it has invested Rs.20 billion in a special purpose vehicle to enter the education and hospitality sectors.

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