Parsvnath Developers Limited (BSE:532780) reportedly shelves asset sale plan in national capital's central business district of Connaught Place and aims to develop commercial office buildings on the coveted land, according to a top company official. The land is located on Kastruba Gandhi Marg in Connaught Place. The official said that we had planned to sell the property but now we are planning to rebuild it. Jones Lang LaSalle Incorporated (NYSE:JLL) appointed as real estate advisor for carrying out the sale of the property. Parsvnath, which had bought the property for INR 2 billion from Videocon group promoter Venugopal Dhoot and his family in 2008, is now looking at raking in revenue of around INR 8 billion from the sale of developed commercial space, according to the company official. At 1324 IST, shares of Parsvnath Developers traded at INR 35 on the National Stock Exchange, down 0.9% from previous close.

Parsvnath Developers Limited reported unaudited consolidated and standalone earnings results for the third quarter and nine months ended December 31, 2012. For the quarter, on a consolidated basis, the company reported total income from operations of INR 1,476.967 million against INR 2,378.412 million a year ago. Profit from operations before other income, and finance costs was INR 1,058.756 million against INR 1,092.613 million a year ago. Profit before tax was INR 324.204 million against INR 408.485 million a year ago. Net profit after tax was INR 193.661 million or INR 0.42 per basic and diluted share against INR 247.736 million or INR 0.52 per basic and diluted share a year ago. For the nine months, on a consolidated basis, the company reported total income from operations of INR 4,607.593 million against INR 6,860.009 million a year ago. Profit from operations before other income, and finance costs was INR 3,005.491 million against INR 3,380.883 million a year ago. Profit before tax was INR 943.718 million against INR 1,407.588 million a year ago. Net profit after tax was INR 587.750 million or INR 1.30 per basic and diluted share against INR 867.443 million or INR 1.78 per basic and diluted share a year ago. For the quarter, on a standalone basis, the company reported total income from operations of INR 1,078.172 million against INR 1,863.718 million a year ago. Profit from operations before other income, and finance costs was INR 865.119 million against INR 720.086 million a year ago. Profit before tax was INR 313.957 million against INR 301.685 million a year ago. Net profit after tax was INR 195.239 million or INR 0.45 per basic and diluted share against INR 174.687 million or INR 0.40 per basic and diluted share a year ago. For nine months, on a standalone basis, the company reported total income from operations of INR 3,105.949 million against INR 5,155.141 million a year ago. Profit from operations before other income, and finance costs was INR 2,485.677 million against INR 2,099.869 million a year ago. Profit before tax was INR 940.577 million against INR 889.980 million a year ago. Net profit after tax was INR 591.911 million or INR 1.36 per basic and diluted share against INR 530.425 million or INR 1.22 per basic and diluted share a year ago.

Parsvnath Developers Limited announced that Vinod Juneja has ceased to be an independent director and member of audit committee, shareholders/investors grievance and remuneration committee of the company.