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Puravankara Q2 profit rises 7% to Rs 22 crore

Realty firm Puravankara reported a 7.79 per cent rise in consolidated net profit at Rs 21.58 crore f..

By admin , in Markets , at November 2, 2018

Realty firm Puravankara reported a 7.79 per cent rise in consolidated net profit at Rs 21.58 crore for the second quarter of 2018-19.

Its net profit stood at Rs 20.02 crore in the year-ago period.

Revenues grew by 34 per cent to Rs 500crore during July-Sep period of the current fiscal as against the corresponding period of the previous year.

Puravankara MD Ashish R Puravankara said: "A great quarter with a good rise in sales volume and bookings. The overall volumes sold during the quarter registered almost a 100% increase from the year ago quarter. Provident continues to be the growth engine and witnessed strong growth, with sales value growing 4 times."

The company sold 1.09 mn sft as compared to 0.80 mn sft in the year ago quarter ended September 30, 2017. Sales bookings stood at Rs 633 crores, compared to Rs 470 crores in the year ago quarter ended September 30, 2017

"Puravankara continues to do well with the sales realization per square foot for the ongoing projects registering over Rs 7,700. The Group will continue to focus on new launches across both the brands," he said.

The firms net debt stood at Rs 2457 cr as on September 2018.

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