Arkade Developers Profit Up 2.5% in Dec Quarter

New Delhi, Jan 24 (PTI) Mumbai-based realty firm Arkade Developers Ltd on Friday reported a 2.5 per cent growth in its consolidated profit to Rs 50.08 crore for the quarter ended December on lower expenses.

Its net profit stood at Rs 48.87 crore in the year-ago period.

Total income fell to Rs 231.4 crore in the third quarter of this fiscal from Rs 239.49 crore in the corresponding period of the preceding year, according to a regulatory filing.

Net profit rose 20 per cent to Rs 123.66 crore in the April-December period of this fiscal from Rs 103.30 crore in the year-ago period.

Total income grew to Rs 560.26 crore in the first nine months of this fiscal from Rs 512.57 crore in the corresponding period of the preceding financial year.

Amit Jain, Chairman and Managing Director, Arkade Developers, said, "The company's performance in the third quarter has been in line with expectations. We have continued to build on the momentum of the first half of the financial year, with strong pre-sales and revenue recognition from the previous months."

The real estate market in Mumbai is witnessing a shift in consumer preferences towards more luxury housing, he said, adding that the company's strategy is already aligned with this trend.

Arkade Developers has completed 30 projects comprising 55 lakh square feet area. Around 20 lakh square feet area is under development.