Puravankara Projects,
a leading real estate developer in India, on Wednesday said its
consolidated net profit after tax for the first half of this fiscal has
increased by 74% to Rs 100 crores compared to Rs 58 crores the company had achieved in the corresponding period last year.
The revenue went up to 34% to register Rs 522 crores in the first half from Rs 389 crores in the corresponding period last fiscal, the company said in a statement.
The second quarter result was also made
available, which showed 89 per cent growth in net profit compared to
second quarter of previous year.
Commenting on the strong results, Ravi Puravankara, Chairman
and Managing Director, Puravankara Projects, said, “We experienced
strong sales momentum in both new and completed projects this quarter.”
Reflecting on the industry, Puravankara added, “Despite macro-economic challenges of high inflation, rising fiscal deficit and sluggish GDP growth, we expect the industry to perform well in the coming quarters due to recent policy reforms announced by the government, such as CRR reductions and liberalization of FDI norms.”
The company also recorded a 38% increase in consolidated revenues, posting Rs 274 crores in the quarter-ended September 30, 2012 compared to Rs 198 crores in the quarter-ended September 30, 2011. The sales value for the quarter too zoomed to Rs 2,346 million, representing an 18% increase against Rs 1,994 million in the last year’s corresponding quarter.
Contribution from ready-to-move-in
inventory from Purva Venezia, Purva Highlands and other projects in the
Puravankara portfolio, has been very good and we expect the momentum to
continue, the company said, adding, “Provident Welworth City and
Provident Harmony are doing extremely well as evidenced in absorption
levels and sales realisation figures. We will be ramping up sales
velocity as the projects draw to a completion.”
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