Puravankara net up 71% in Q4 at Rs 79 crore

Realty developer Puravankara has recorded 71% rise in net profit at Rs 79 crore for the fourth quarter ended March 31, 2013 compared to Rs 46 crore reported in the corresponding quarter last year.

Its consolidated revenues for the quarter went up 79% to Rs 416 crore.

Puravankara contributed to 64% of the project revenues and provident at 36% for the quarter ended March 31, 2013.

The increase in Provident's share in the quarter ended March 2013 is primarily due to the new launch of Sunworth in Bangalore, the company said in a statement.

For the year ended March 2013, the company recorded a 53% increase in consolidated revenues to Rs 1,248 crore from Rs 816 crore. The consolidated net profit for the year went up 79% to Rs 243 crore as against Rs 136 crore in FY12.

Commenting on the performance, Ravi Puravankara, chairman and managing director, Puravankara Projects said, "We have crossed a key milestone of Rs 1,200 crore for the financial year ended March 31, 2013 based on excellent performance both under Puravankara and Provident brands. We have clocked record sales of 3.96 million sq ft for the fiscal."

Sales realisation under Puravankara increased by 8% for the quarter ended March 2013 and stood at Rs 4,619 per sq ft as compared to the corresponding quarter ended March 2012 while Provident showed an increase of 9% and stood at Rs 3,153 per sq ft for the quarter ended March 2013.

Sale value for the quarter was Rs 680.7 crore, representing a 174% increase over Rs 248.3 crore in the quarter ended March 2012.  Correspondingly, sale value recorded a 92% increase over the sequential quarter Q3FY13.