Puravankara posts 58 pc jump in net profit at Rs 38.78 cr

Realty firm Puravankara Ltd has posted 58 per cent increase in its consolidated net profit at Rs 38.78 crore for the quarter ended March 2019.

The company had reported a net profit of Rs 24.55 crore in the same quarter of FY18.

The firm's revenue jumped over two folds to Rs 667.08 crore in the fourth quarter of last fiscal against Rs 323.25 crore in the same period a year ago, the Bengaluru-based developer said in a statement.

Net profit went up by 25 per cent to Rs 114 crore during 2018-19 fiscal as compared to Rs 91.40 crore in the year-ago period.

The revenues rose 41 per cent to Rs 2,126.72 crore during the last fiscal from Rs 1,504.94 crore in FY18.

On the operations front, Puravankara Ltd sold 3,429 units worth Rs 2,098 crore last fiscal as compared to 2,781 units for Rs 1,881 crore in the 2017-18.

Puravankara Ltd MD Ashish R Puravankara, said, "FY19 ends on a positive note for us as we continue our momentum and stay on the path of gaining market share, and hence strong and sustainable growth.

The company would launch projects for 8 million sq ft area this fiscal.

We begin the new year on a strong foothold with our re-entry into Mumbai and further expansion in the gateway cities of south and west India, he added.