Gravita India consolidated net profit rises 38.51% in the June 2025 quarter
Net profit of Gravita India rose 38.51% to Rs 93.26 crore in the quarter ended June 2025 as against Rs 67.33 crore during the previous quarter ended June 2024. Sales rose 14.55% to Rs 1039.94 crore in the quarter ended June 2025 as against Rs 907.86 crore during the previous quarter ended June 2024. Particulars Quarter Ended Jun. 2025 Jun. 2024 % Var. Sales 1039.94907.86 15 OPM % 9.689.66 - PBDT 124.6481.58 53 PBT 115.9375.06 54 NP 93.2667.33 39
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Time of India
27 minutes ago
- Time of India
High Court stays YEIDA order to cancel land allotted to company over Rs 118 crore dues
Noida: Allahabad high court's Lucknow bench has restrained the Yamuna Expressway Industrial Development Authority (YEIDA) from cancelling the land allotment of Greenbay Infrastructure for its 100-acre township project in Sector 22D. YEIDA has been restrained from cancellation until the company's two revision applications before the state govt — seeking relief under the "zero period" policy due to non-possession of 30–35% of the land — are disposed of. The zero period policy refers to a period during which developers are granted relief from interest and penalties on land dues for stalled projects. You Can Also Check: Noida AQI | Weather in Noida | Bank Holidays in Noida | Public Holidays in Noida The court's interim order came on July 30, just a day before YEIDA's July 31 deadline for the builder to pay Rs 118 crore in pending dues or face cancellation of the land parcel. Justice Pankaj Bhatia, who heard the matter, directed that no coercive action be taken based on YEIDA's July 8 plot cancellation notice. Since the realtor filed a revision application before the state govt in Jan, the court observed that while the issue remains under review, YEIDA cannot cancel the land allotment. The court instructed the state govt to decide on the interim relief application within 10 days and complete proceedings on the revision application filed by Greenbay within four weeks. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Access all TV channels anywhere, anytime Techno Mag Learn More Undo Greenbay said it has so far deposited Rs 60 crore out of the Rs 118 crore and has sought "zero period" relief from the date of allotment till now, citing incomplete land possession and stalled construction due to farmers' unwillingness to vacate around one-third of the land. The dispute stems from a prolonged standoff between the developer and YEIDA. The land was allotted to Greenbay in Feb 2011, with a lease deed executed in March 2012. In Jan 2014, Greenbay subleased a portion of the land to Emerald Properties for a group housing society. The company later launched the Golf Village township project, comprising 691 plots. However, the developer said it could not take possession of two-thirds of the land until 2019 and about one-third still remains outside its control. According to YEIDA officials, the latest ultimatum followed repeated defaults by the developer under the UP govt's "legacy stalled projects" policy introduced on Dec 21, 2023, which aims to revive long-pending housing projects and ensure timely possession for homebuyers. After the developer gave its consent, the dues were recalculated to Rs 441 crore, of which Greenbay was required to pay 25% (Rs 110 crore) by April 28, 2024. After it deposited the 25% amount, YEIDA in July 2024 issued a revised payment schedule for the remaining 75% dues. The Authority further revised this schedule a month later when the developer requested a recalculation of the amount with 10% simple interest and inclusion of Rs 2.4 crore in unpaid lease rent from 2021. Under the new payment schedule, the first instalment was due on Jan 15 and the last by July 15, 2026. Based on the initial amount paid, YEIDA allowed the developer to proceed with tripartite sublease registrations for proportionate land areas. In Oct 2024, Greenbay requested another extension for paying the remaining dues, citing continued difficulty in obtaining full physical possession of the plot. The company claimed that about 30% of the land remained under cultivation by farmers, preventing access. Taking this into account, YEIDA granted a three-month extension in Nov 2024, pushing the deadline from Jan 15 to April 15, 2025. However, Greenbay again failed to meet the extended deadline of April 15, 2025. Instead of clearing dues, it submitted a letter on April 15 seeking permission to sublease a 4,330-square metre commercial plot within the township and requested another revision of its payment schedule. During a board meeting on June 18, YEIDA issued a final deadline of June 30, asking Greenbay to deposit around Rs 118 crore or face cancellation of its township project in Sector later extended the deadline by one month, giving Greenbay until July 31 to clear the dues. In a letter dated July 8, the Authority made it clear this was the final ultimatum. The company said it has deposited Rs 60 crore and plans to pay the remaining amount, but it wants its grievances to be heard. Project director of the company Amit Kumar Sharma said, "To fulfil these financial transactions, we need immediate permission to proceed with the sublease of the commercial plot. This authorisation is critical for us to take the necessary steps towards fulfilling our payment obligations. Should we fail to adhere to the agreed timeline for payment, we accept that the sublease may be cancelled without any objection on our part. " Get the latest lifestyle updates on Times of India, along with Friendship Day wishes , messages and quotes !
Time of India
42 minutes ago
- Time of India
BRS neglected irrigation sector during their 10-year regime: Bhatti
Hyderabad: Deputy chief minister Bhatti Vikramarka on Sunday said that Telangana's irrigation water needs are still being met by projects built by previous Congress govts on the Krishna and Godavari rivers. He added that the BRS did nothing for the development of the irrigation sector during their 10-year regime. "Not a single drop of irrigation water that rightfully belongs to Telangana will be given up. The state's interests are more important than politics. The previous BRS govt was responsible for allowing the Andhra Pradesh to take the Banakacherla project," he said after laying the foundation stone for the construction of 10,000-metric-tonne-capacity warehouses at Kamalapuram village in the Mudigonda mandal of the Khammam district. The warehouses are being built by the Telangana State Warehousing Corporation at a cost of ₹10 crore. He added: "It is because of chief minister A Revanth Reddy and irrigation minister N Uttam Kumar Reddy's effective presentation of arguments to the Union Jal Shakti Ministry in New Delhi that the Banakacherla project was halted." You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad The deputy chief minister also alleged that the previous BRS govt did not complete a single useful irrigation project. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Access all TV channels anywhere, anytime Techno Mag Learn More Undo "Though they spent Rs 1 lakh crore on the Kaleshwaram project, not a single acre received water from it. When Polavaram was being constructed, they just watched. When construction of the Banakacharla project began, they showed no concern. In fact, they rolled out the red carpet for AP leaders and mortgaged the interests of our state. Even when seven mandals of the Khammam district were merged into AP through an ordinance that was not included in the Reorganisation Act, they failed to stop it." Bhatti said, "We are correcting all the mistakes committed by the previous BRS govt. We are moving forward with a concrete action plan to make full use of the waters of the Krishna and Godavari rivers and ensure that Telangana's rightful share will not be taken by AP." Get the latest lifestyle updates on Times of India, along with Friendship Day wishes , messages and quotes !
Time of India
42 minutes ago
- Time of India
25% upfront, remaining in 3 years: Sports City companies seek rehabilitation policy
Noida: In a bid to resolve the long-standing impasse surrounding Sports City, developers have urged UP govt to introduce a rehabilitation policy similar to the one implemented for stalled group housing projects based on recommendations of the Amitabh Kant committee. The builders have proposed to clear their recalculated dues by paying 25% within 60 days and the remaining amount over three years. The appeal comes as over 8,000 residents already occupy homes in Sports City developments across sectors 78, 79, and 150, while another 20,000 await possession. Credai (Western UP) — the umbrella of builders — highlighted that despite being on a par with other projects, Sports City developments were excluded from the state's rehabilitation policy. You Can Also Check: Noida AQI | Weather in Noida | Bank Holidays in Noida | Public Holidays in Noida Dues involving Sports City projects gained prominence after the Allahabad high court in Feb this year ordered CBI and ED investigations into the matter and asked Noida Authority to issue recovery notices to developers. While builders secured an interim stay against coercive action from the Supreme Court, subsequent clarifications allowed the Authority to proceed with the recovery of dues. The Authority, in response, issued fresh notices to the defaulting developers earlier this month. Following this, one consortium partner in a Sector 150 Sports City project — led by Lotus Green Constructions — deposited Rs 80 crore as part of its dues. In its Aug 1 letter to chief secretary SP Goyal, Credai argued that the Authority should not have issued fresh notices without first resolving outstanding issues, given that the matter was still under the Supreme Court's consideration. Credai, in the letter, flagged several anomalies in the calculation of dues. The developers argued that interest rates should align with the marginal cost of funds-based lending rate (MCLR) in keeping with govt orders. They also contested the application of commercial rates for time extension charges, given that only 0.5% of the land use was commercial. Other contentious issues, according to Credai, include the double imposition of farmer compensation and inconsistent application of zero period benefits. While some projects received waivers till 2017, others were denied similar relief, it alleged. The developers also highlighted delays in map revalidation and issuance of occupancy certificates, which affected home registrations and loan disbursements. "Due to delays in approvals, unresolved land dues, and the continuing development ban, many projects are becoming financially unviable and moving towards bankruptcy," the letter read, emphasising that the delays impacted both homebuyers and state revenue from stamp duty. Get the latest lifestyle updates on Times of India, along with Friendship Day wishes , messages and quotes !
