Puravankara Projects drops on profit taking after strong Q4 earnings

The company announced Q4 results after market hours on Wednesday, 17 April 2013.

Meanwhile, the S&P BSE Sensex was up 76.72 points or 0.41% at 18,807.88.

On BSE, 37,000 shares were traded in the counter as against average daily volume of 1.92 lakh shares in the past one quarter.

The stock hit a high of Rs 105.10 and a low of Rs 101.30 so far during the day. The stock had hit a 52-week high of Rs 122.80 on 18 January 2013. The stock had hit a 52-week low of Rs 55.05 on 18 May 2012.

The stock had outperformed the market over the past one month till 17 April 2013, jumping 11.56% compared with the Sensex's 3.58% fall. The scrip had, however, underperformed the market in past one quarter, declining 12.77% as against Sensex's 6.18% fall.

The small-cap company has equity capital of Rs 106.74 crore. Face value per share is Rs 5.

The stock had witnessed a pre-result rally. The stock had rallied 17.08% in five trading sessions to settle at Rs 105.20 on Wednesday, 17 April 2013, from a recent low of Rs 89.85 on 10 April 2013.

Puravankara Projects' earnings before interest, taxation, depreciation and amortization (EBITDA) jumped 49% to Rs 178 crore in Q4 March 2013 over Q4 March 2012. EBITDA margin stood at 43% in Q4 March 2013. The company said no land parcel was monetized in Q4 March 2013.

The realty firm said that the area sold jumped 165% to 1.82 million square feet (msft) in Q4 March 2013 over Q4 March 2012.

Puravankara Projects' consolidated net profit jumped 79% to Rs 243 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). EBITDA surged 48% to Rs 579 crore in FY 2013 over FY 2012. EBITDA margin stood at 46% for FY 2013. The company said no land parcel was monetized in FY 2013.

Commenting on the company's performance, Ravi Puravankara, Chairman and MD, Puravankara Projects said, "We have crossed a key milestone for the group with revenues exceeding Rs 1200 crore for FY 2013 based on excellent performance both under Puravankara and Provident brands. Innovative marketing strategies, differentiated product offerings have seen us clock record sales of 3.96 msft in FY 2013 and we will work to keep up this momentum".

The Group recorded highest sales ever at 3.96 msft in FY 2013 with Puravankara contributing to 52.5% and Provident at 46% of the total sales for the year. The increase in Provident sales is due to the excellent response to the company's new launches of Provident Sunworth in Bengaluru and Provident Skyworth in Mangalore, Puravankara Projects said in a statement.

Puravankara Projects' board of directors at a meeting held on Wednesday, 17 April 2013, recommended a final dividend of Re 1 per share for FY 2013.

The board had received a letter dated 15 April 2013 from Sebi, acceding of the request of the company to issue equity shares aggregating to 14.96% of post issue capital to qualified institutional buyers by way of institutional placement program (IPP). As an enabling process, the Board passed a resolution constituting an IPP committee of the board to do all such acts as may be required with for any issuance of shares under IPP by the company, Puravankara Projects said.

Puravankara Projects is one of the leading real estate companies in India, with significant presence in Bangalore, Kochi, Chennai, Coimbatore, Hyderabad, Mysore, and overseas in the United Arab Emirates, Kingdom of Saudi Arabia, and Sri Lanka.

   

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