Puravankara posts Rs 155 cr profit for June quarter

Realty firm Puravankara Ltd on Friday reported a net profit of Rs 155 crore for June quarter 2021-22 and appointed Abhishek Nirankar Kapoor as new CEO of the company.

It had posted a net loss of Rs 17 crore for the year-ago period.

Revenue rose nearly three-fold year-on-year to Rs 542 crore in the first quarter of this fiscal year, the-Bengaluru based firm said in a statement.

According to a regulatory filing, Ashish Ravi Puravankara, - Managing Director, demitted office of Chief Executive Officer with immediate effect.

The board approved appointment of Abhishek Nirankar Kapoor as Chief Financial Officer, as Additional Director in the capacity of Executive Director and as Chief Executive Officer.

Kapoor has been Chief Operating Officer -Residential Business at Puravankara Ltd since September 2019.

Commenting on the result, Managing Director Ashish R Puravankara, said, “We have begun the new financial year on a high note with our Q1 results."

"The foundational strength of our portfolio and operational agility kept us resilient, ensured business continuity while undergoing a seamless digital transformation," he added.

Ashish said the company recorded a sales value of Rs 314 crore exclusively from ready-to-move and under construction projects.

"This is especially encouraging in the light of increased price realisation per square feet leading to margin protection," he said.

While April and May were muted amid the turbulent second wave, Ashish said the month of June saw a buoyant return to the market.

"We expect the positive customer sentiment to sustain in the future as well. With a net debt reduction of Rs 451 crore and operating inflows of Rs 817 crore, we are well capitalised to optimise the buoyant sentiment," said Ashish.

On operational front, the company's sales bookings in the quarter stood at Rs 314 crore, compared to Rs 398 crore in the quarter ended June 30, 2020.