MUMBAI: Purvankara Projects is looking to rope in a foreign partner to bid for airport projects. These airport projects will be bid for via Star Worth Infrastructure.

Key Development

Star Worth Infra 100% subsidiary
Already tied up with a Southeast Asian firm for road projects

Construction subsidiary

Star Worth Infra to generate turnover of Rs150 cr in next 2 years
Expects to contribute 20-25% of cos revenue in next 3 years
Targets Rs 6000 cr of state govt contracts
Plans to make SPVs for different areas
Focus areas highways, roads and underground parking lots

New Verticals

Plans to enter into power plant construction
In commercial segment building family entertainment zone
Project to be launched in Bangalore
No plans to kick off in Hospitality sector
Plans to enter Ahmedabad, Pune, Kolkata and Nagpur markets

Aggressive launch in CY10-11

Plan to increase debt by Rs150-200 cr to fund launch
Guidance to launch 12msq of residential projects in CY10
Projects to be launched in Bangalore, Chennai and Kochi
To launch additional 30msf in CY11-12
Launched two projects in Chennai and Bangalore in last 6-7 months
No revenues have been recognized as yet

Leverage issue

Net Debt down 7% at Rs751 cr vs. Rs805 cr sequentially
Rise in debtors up 17% at Rs77.9 cr vs. 67.8 cr

Sri Lankan projects

Will launch schemes in Sri Lanka in 2011
Currently owns 25 acres in residential segment
Around 25000 square feet holds under commercial segment

Financial matrix:Q3FY10 (YoY)

Net Sales down 9% at Rs73.19 cr vs. Rs80.04 cr
Net Profit up 74% at Rs30.49 cr vs. Rs17.49 cr