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Thursday, January 17, 2008

Parsvnath Dev eyes 120-140% bottomline growth - Pradeep Jain,Parsvnath Developers

Pradeep Jain, Chairman, Parsvnath Developers, said DoT has wrongly rejected our application for telecom licence. "We may again approach DoT to reconsider our application."

 

Jain said the company would grow about 120-140 % over last year. "Last year, we had a bottomline of Rs 292 crore. This year, at under 120-140%, the bottomline comes to about Rs 600-700 crore."

 

Excerpts from CNBC-TV18's exclusive interview with Pradeep Jain:

 

Q: First off from the telecom bit, what next from your point of view, now that the licence has been rejected. Would you consider acquiring an additional smaller company who has acquired licence or would you consider re-bidding? What is the process like?

 

A: We are the first players to apply to DoT. They have wrongly rejected our application. DoT said telecom is not part of the Memorandum and Articles of Association. Although in the other object, communication is there. Our lawyers and other legal experts are trying to understand on what grounds they have reject our application. We may again approach DoT to reconsider our application.

 

In regards to acquiring a new or an overseas player, telecom is not our main business. We have already formed a telecom company in the last four-five months. We feel there is large synergy and will explore that possibility as well.

 

Q: You have your finger in several pies like hotel development, SEZs, and even airport development. Give us an idea of what kind of revenues you are seeing for the listed entity? You reported revenues of Rs 800 crore for the first half. Give us an idea for FY09 and FY10 or as long as you can see the visibility?

 

A: We are developing a lot of real-estate projects at this point of time. We own about more than 191 million sq ft area and are developing a number of the integrated townships, housings, standalone malls, and most Delhi Metro stations, among others. Commercial development is also on. We are currently doing projects in Kurla and Mahim and a number of SEZs.

 

We will grow about 120-140 % over last year. Last year, we had a bottomline of Rs 292 crore. This year, at under 120-140%, the bottomline comes to about Rs 600-Rs 700 crore.

 

We own 17 hotel properties across the country. We have started work on six properties and work on the other eleven properties will begin in the next 3-6 months. We have almost tied up with the operator. We will own the property and the operator will operate all those properties. We are talking with international and domestic operators and are close to signing up operating agreements with those operators.

 

We are in negotiations with both onshore as well as offshore hotel operators to acquire or operate.