Puravankara Q1 profit up 63 pc at Rs 43.24 cr

Realty firm Puravankara on Friday reported a 63 per cent rise in consolidated net profit at Rs 43.24 crore for the June quarter.

The company's net profit stood at Rs 26.46 crore in the year-ago period, the Bengaluru-based firm said in a regulatory filing.

Total income during the June quarter rose 64 per cent to Rs 645.55 crore from Rs 394.70 crore in the corresponding period of the previous year.

"We have begun the new fiscal on a strong note with robust sales, cash flows and net profits. The recent union budget has provided further impetus to the real estate sector," Puravankara MD Ashish R Puravankara said.

"Our focused efforts towards sales of ready-to-move inventory are reaping results," he added.

During the first quarter, Puravankara opened its pre-cast production workshop at Bengaluru, intended for captive consumption.

"Our new launch pipeline is on track and we are confident that each passing quarter will see better results and sustain our robust balance sheet. We look forward to the fiscal year with renewed vigour," he said.