Puravankara Q4 net up 71% at Rs 79 crore

Realty firm Puravankara Projects today reported 71% increase in consolidated net profit at Rs 79 crore for its fourth quarter ended March.

The company had posted net profit of Rs 46 crore during the same quarter of 2011-12 fiscal.

Puravankara posted 79% rise in the consolidated revenue to Rs 416 crore in the quarter ended March, from Rs 232 crore in the corresponding period of previous fiscal, the Bangalore-based firm said in a statement.

For the entire 2012-13 fiscal, the company's consolidated net profit increased by 79% to Rs 243 crore against Rs 136 crore in the 2011-12 fiscal.

The revenue rose by 53% to Rs 1,248 crore in the 2012-13 fiscal from Rs 816 crore in the previous fiscal.

The company also announced an "exceptional interim dividend of 50%" to shareholders.

Company's Chairman and Managing Director Ravi Puravankara said: "We have crossed a key milestone for the group with revenues exceeding Rs 1,200 crore for the financial year ended 31 March 2013 based on excellent performance both under Puravankara and Provident brands."

The innovative marketing strategies, differentiated product offerings have seen us clock record sales of 3.96 million sq ft for the fiscal 2012-13, he added.

The 50% interim dividend announced is only for minority shareholders (excluding promoters), the company said.

Shares of Purvankara Projects soared by 7.46% to end at Rs 105.20, valuing the company at Rs 2,245 crore.