Business

Karda Constructions Ltd. announces excellent results for Q1 FY22; PAT jumps 252 percent

ANI | August 09, 2021 11:56 AM
Naresh Karda, Chairman & Managing Director

Nashik (Maharashtra) [India], August 9 (ANI/PNN): BSE & NSE listed Karda Constructions Ltd. (KCL) (BSE: 541161; NSE: KARDA), a leading real estate developer, has announced excellent results for the quarter ended 30 June 2021.

Total income rose from Rs. 1776.95 lakhs (Q1FY21) to Rs. 2028.76 (Q1FY22), a Y-O-Y increase of ~14%. The profit after tax (PAT) saw massive growth, from Rs. 174.46 Lakhs (Q1FY21) to Rs. 614.24 (Q1FY22), an increase of 252%.

The above announcement comes after the company had, in a board meeting held on 14 July 2021, recommended issuance of bonus shares in the ratio of 4:1, i.e. four equity shares for every one fully paid-up equity share of Rs.1/- each, which has been approved by the shareholders in the recently concluded AGM.

As the board of directors had recommended the subdivision of the face value of shares from Rs.2/- to face value of Rs.1/- in its meeting on May 31, 2021, the consent for the same has also been received from the shareholders in the recently concluded AGM.

The company has fixed Friday, 13 August 2021, as the record date to determine eligible shareholders entitled to Sub-Division of shares and receive bonus shares.

"In the Post Covid times, Nashik has seen good demand for Low Budget Commercial properties as people are looking for an alternative source of Income. We have seen good absorption of Commercial properties in some of the recent projects and we are expecting a similar response in the new project," said Naresh Karda, Chairman, Karda Constructions Limited.

The company's business activity falls within two business segments - Development of Real Estate Properties and Civil Contracting Business.

Karda Constructions Ltd is a First-Generation Construction Company in Maharashtra and Western India with a disciplined and professional approach. The Company is founded and promoted by Naresh Karda in the year 2007. Promoter has an experience of more than 25 years in the construction industry. The company has established a brand name as "Hari" for all its projects. The Company has received an Award for the "Iconic Budget Home" by Times Realty Icons Award 2019, Navi Mumbai & Thane. The Company also received an Award for the "The Most Preferred Real Estate Company", of Nashik at the event "My Maharashtra Awards-2019".

This story is provided by PNN. ANI will not be responsible in any way for the content of this article. (ANI/PNN)

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