Puravankara revenues jump 137 per cent
Puravankara Projects has recorded a 137 per cent growth in consolidated revenues at Rs 173.45 crore for third quarter ended December 31, 2010, as against Rs 73.20 crore during the corresponding quarter ended of December 31, 2009.
The consolidated net profits for the reporting quarter, however, was 6 per cent lower at Rs 28.60 crore as compared to Rs 30.50 crore for in previous fiscal’s same period quarter. Much higher provisions for tax at Rs 11.83 crore in Q3 as against Rs 3.30 crore, was the main reason.
Briefing reporters, Chief Executive Officer Jackbastian K Nazareth said the consolidated revenues for nine month period grew by 25 per cent to Rs 443.99 crore for December 2010 as compared to Rs 355.55 crore for December 2009.
Revenues from sale of apartments have increased by 131 per cent during the corresponding period in 2009 excluding revenues from the sale of land, he added. To maintain its growth momentum the company is planning to launch 8.4 million sq ft of property development in the City under Provident brand.
“The increase in sales is reflective of latent demand translating into actual sales; we expect this to grow in the coming months with the growth in the economy. With the launch of Purva Windermere (4.96 m sqft) in Chennai and Purva Bleaumont (1.84 m sqft) in Coimbatore, in this quarter, Puravankara will maintain its growth,” he added.
