Puravankara zooms 81% in one month post Q2 results

The stock hit a fresh 52-week high of Rs 172, up 12% on the BSE on Tuesday, on back of heavy volumes in otherwise subdued market.

Puravankara hit a fresh 52-week high of Rs 172, up 12% on the BSE on Tuesday, on the back of heavy volumes in an otherwise subdued market.

In past one month, the stock of realty firm zoomed 81% from Rs 95 on November 13, as compared to 0.85% rise in the S&P BSE Sensex.

“The company reported a strong new sales volume growth of 74% at 803,966 sft. in September quarter (Q2FY18) led primarily by sales in completed and nearing completion projects, as well as by provident. The full impact of this would be witnessed in the coming quarters,” Puravankara said in a statement.

Net debut declined by around 9% to Rs 2,008 crore in Q2FY18 from Rs 2,208 crore in Q2FY17.

However, the company recorded 7.9% year on year (YoY) declined in revenue from projects at Rs 348 crore in Q2FY18 against Rs 378 crore in Q2FY17. Net profit too was down 35% at Rs 21 crore on YoY basis.

The product mix of sales in this quarter in addition to the quarter ended June 30, 2017 came largely from projects nearing completion and ready inventory. This would reflect in the revenue figures in the subsequent quarters, it added.

The company planned new launches in the next 4-5 quarters total over 9.2 msft in saleable area, across 14 projects in the gateway cities of south and west India, and are primarily focused on the Provident brand (6.3 million square feet).

At 11:25 AM; the stock was up 11% at Rs 169 on the BSE, as compared to 0.36% decline in Sensex. The trading volumes on the counter more than three-fold with a combined 4.08 million shares changed hands on the NSE and BSE so far.