Puravankara Q3 profit up 15% at Rs 20 cr

Realty firm Puravankara Ltd today reported 15 per cent increase in its net profit at Rs 20.09 crore for the quarter ended December, even as its revenue declined.
Its net profit stood at Rs 17.43 crore in the year-ago period, the Bengaluru-based company said in a statement.
Revenues fell to Rs 277 crore in the third quarter of this fiscal from Rs 385 crore in the corresponding period of previous year.
"We have had a robust quarter in terms of sales in a subdued demand environment, with contribution from all our micro markets. This quarter was challenging due to currency demonetisation but we welcome this move as it will be beneficial for organised realty companies like us in medium to long term," the firm's MD Ashish Puravankara said.

He said the sales momentum witnessed in the third quarter is sustainable as this uptrend has continued into January as well.
"In addition, the Union Budget has given sops to the industry with a focus on affordable housing, leading to an exponential growth opportunity for Provident Housing, our wholly-owned subsidiary," Puravankara said.