Puravankara net up 75% at Rs 30.5 cr

Briefing reporters, Chief Financial Officer Ravi Ramu said “a positive market sentiment and surge in demand in the last two-three months has helped the firm post good results.”

Puravankara said it had a net profit margin of 42 per cent and a gross profit margin of 54 per cent in the reporting quarter, boosted by lowering of estimated costs to completion of projects and rise in prices of finished homes sold during the quarter. The firm had increased prices by about 10 per cent at the end of December.

However, the company’s revenue for the reporting quarter fell to Rs 73.19 crore from Rs 80.04 crore in the same quarter in the previous financial year. Ramu attributed this to severe market conditions that was prevalent due to the global financial crisis.

Projects in pipeline

Further, the firm said it plans to launch five new projects to be spread across 20 million square feet (sq ft) in Bangalore, Cochin and Chennai.

Out of the 20 million sq ft, six million sq ft will be utilised for two projects under Provident Housing banner, while the remaining 14 million sq ft will see three projects coming up under Puravankara brand.

The company is launching a luxury apartment after a gap of around one and half years.
Apartments in three luxury projects under Puravankara brand is estimated to cost between Rs 55 lakh to Rs 70 lakh. Similarly, the firm is also set to launch a new apartment project in Sri Lanka at the end of next quarter.