Poddar Housing and Development Ltd
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BSE Code:
523628
NSE Code:
PODDAR
Business Profile
Business Profile
Wearology (WEAROLOGY) operates in the business verticals of organic farming, organic apparels and real estate development. Established in the year 1982, it is promoted by the Poddar Group (TPG), which has business interests in retail finance, automobile tire manufacturing, real estate development, textiles and telecom infrastructure. Other group companies include Bajaj Auto Finance, and MTL.
The real estate business of the group has been consolidated into the company. It is already implementing a project of 7.5 million sq. ft. at Karjat, close to Mumbai. The project is approved by major housing finance companies and international micro finance institutions. Two other projects are in an additional stage of consideration in other suburbs of the Mumbai Metropolitan Region Development Authority (MMRDA).
The company has a joint venture with the Morarka Foundation, one of India`s largest NGOs for organic farming. Currently, it has 10,568 acres of agricultural land under contract farming certified as per USDA standards. Various different produce like cotton, soy, bamboo, vegetables and spices are grown using natural fertilizer like vermicast. It designs and manufacturers 100% organic cotton textiles and apparel in India and China.
In FY07, the texturizing unit was sold as operations had come to a standstill. The sale of its investment in Monotona Tyres yielded a profit of Rs 232 million. The company has taken over Gopi Resorts, which is now a 100% subsidiary having a land bank of approximately 98 acres at Karjat. The company has set up offices in five countries.
The registered office is located at Neeru Silk Mills, Unit No.3-5, 126, N.M. Joshi Marg, Mathuradas Mills Compound, Lower Parel (West), Mumbai-400013.
Financials
Wearology registered a profit of Rs 5.58 million for the quarter ended December 2007.
Net sales declined 4.17% to Rs 36.57 million for the quarter ended December 2007 from Rs 38.16 million for the quarter ended December 2006.
Total income rose 2.04% to Rs 40.58 million for the quarter ended December 2007 from Rs 39.77 million for the quarter ended December 2006.
The earnings per share (EPS) of the company stood at Rs 1.07 for the quarter ended December 2007.
Recent Developments
02-APR-08
An extra ordinary general meeting (EGM) of Wearology will be held on Apr. 21, 2008, to change the name of the company from `Wearology` to `Poddar Developers` and consequential amendments in memorandum and articles of association of the company.
05-MAR-08
With reference to the earlier announcement dated Dec. 6, 2007 regarding sale of investment in Gopi Resorts, due diligence and all the various legal formalities have been completed and as per the share purchase agreement, the sale of whole of its investment in Gopi Resorts for a consideration of Rs 345.5 million has been completed. The company has received an amount of Rs 320 million till date and the balance amount of Rs 25.5 million will be received before Mar. 31, 2008.
26-JAN-07
The company approved the merger of Suvijay Exports with the company.
Future Plans
In 2007-2008, the company decided to increase the area under cultivation to 100,000 acres, a ten-fold increase in the five years through the farmer outreach program.