Puravankara Q1 net profit up 36% at Rs 68 cr

Company posted a net profit of Rs 50 crore in the year-ago period

Realty firm Puravankara today posted 36.32% increase in consolidated net profit for the first quarter ended at Rs 68.16 crore mainly on the back of improved sales and better price realisation.

The company had posted a net profit of Rs 50 crore in the year-ago period.

Its total revenues for the quarter under review stood at Rs 369.24 crore against Rs 247.94 crore in the same period of previous fiscal, registering a 48.92% growth.

"Our robust performance this quarter is the manifestation of a promise made good ongoing sales momentum of completed and nearing-completion units," company's Chairman and Managing Director Ravi Puravankara said in a statement.

The Bangalore-based company said it sold 6.6 lakh sqft during the June 30 quarter against Rs 5.6 lakh sqft in the corresponding period last fiscal.

Puravankara sales realisation for ongoing projects for the quarter stood at Rs 4,574 per sqft, a 9% increase over Q1 FY13.

Its affordable segment brand 'Provident' showed an increase of 27% in sales realisation, posting Rs 3,342 per sqft for the quarter.

"Puravankara will continue to focus on selling the inventory of completed and nearing-completion projects to generate cash flows of Rs 500-600 crore this financial year," he said.

The company plans to launch nearly 10.87 million sqft this fiscal, Puravankara added.

Immediate launches include four projects in Bengaluru encompassing 2.64 million sqft and one in Chennai entailing 2 million sqft under the Puravankara brand and an additional two in Bengaluru under the Provident brand enveloping 3.53 million sqft, the release said.