Puravankara Q1 net profit down by 15pc at Rs 58cr

Realty firm Puravankara Projects Ltd today reported 15 per cent fall in consolidated net profit at Rs 58.25 crore for the quarter ended June on higher expenses.
It's net profit stood at Rs 68.17 crore in the year-ago period.
However, the company's income from operations rose by 25 per cent to Rs 461.62 crore in the first quarter of this fiscal against Rs 368.97 crore in the corresponding period of last fiscal.
Bangalore-based firm's total expenses increased by 55 per cent to Rs 328.10 crore during the quarter ended June from Rs 211.15 crore in the year-ago period.
Area sold for the quarter ended June was 0.70 million sq ft compared to 0.66 million sq ft during the corresponding quarter last year. Sale value for the quarter was Rs 350 crore against Rs 257 crore in the same quarter last year.

Commenting on the results, Puravankara Joint MD Ashish R Puravankara said in a statement: "Taking into consideration the current macro-economic conditions, our performance has been good and we will continue this momentum in the coming quarters."
"With the new government at the centre, sentiments have been upbeat and the policy initiatives including the push for affordable housing will be a key driver in the growth. Being the front-runners in the premium affordable housing segment, we will be entering new markets starting with Mumbai and Pune for this financial year," he added.