Eye Rs 375cr revenue from Bengaluru project: Nitesh Estates

The company would develop gated community in an area of 12 acres to accommodate 440 units.

The project is located at prime Hennur main road, Bangalore

Ashwini Kumar

COO

Nitesh Estates

Nitesh Estates has inked a joint development agreement project in Bengaluru, in which the company has two-third economic interest. In an interview to CNBC-TV18, ED & COO Ashwini Kumar spoke about this project and the road ahead.

The company hopes to fetch total revenue of Rs 375 crore from this project. Hence it expects significant improvement in profitability over next 36 months.

At 12:10 hrs Nitesh Estates was quoting at Rs 16.80, up Rs 0.40, or 2.44 percent.

Below is the verbatim transcript of Ashwini Kumar's interview with CNBC-TV18's Nigel D'Souza and Reema Tendulkar.

Reema: With respect to this joint development, can you tell us what will be the contribution of Nitesh Estates, what is it as a percentage that you hold in this joint development and what will be the revenues that will accrue to you?

A: We own about two-thirds of the economic interest. This is a 12 acre project, so in terms of revenue to the company, it will be Rs 375 crore.

Reema: In one year or this is the total revenue?

A: No, this is the total revenue for the project and since the construction will take another three years, therefore by the time that we recognize the entire revenue, it will be three to three and a half years.

More to follow

Nitesh Estates stock price

On June 16, 2014, at 12:31 hrs Nitesh Estates was quoting at Rs 16.95, up Rs 0.55, or 3.35 percent. The 52-week high of the share was Rs 18.70 and the 52-week low was Rs 8.70.

The company's trailing 12-month (TTM) EPS was at Rs 0.53 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 31.98. The latest book value of the company is Rs 29.80 per share. At current value, the price-to-book value of the company is 0.57.

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