NEW DELHI: Realty firm Puravankara Ltd on Monday reported a 32 per cent rise in consolidated net profit at Rs 26.5 crore for the first quarter of 2018-19. Its net profit stood at Rs 20.05 crore in the year-ago period.
Revenues grew by 11 % to Rs 394.7 crore during April-June period of the current fiscal as against Rs 355.26 crore in the corresponding period of the previous year.
Puravankara Ltd MD Ashish R Puravankara said: “This quarter’s performance was primarily led by Provident with both sales volume and realisation per square foot showing substantive improvement.”
“Our commitment to de-risk our dependence on the Bangalore market has started paying results, with substantive contributions from other markets in South & West. Brand Puravankara continues to do well in terms of positioning with sales realisation per square foot clocking above Rs 7,400 this quarter,” he added.
In July, he said the pre-launch of ‘Provident Adora De Goa’ received an overwhelming response with significant over-subscription.
“Our go-to market strategy for new launches by using the book building process is working extremely well for us, as it helps us not only to accurately assess demand and allocate capital efficiently, but also simultaneously assists us to divest significant inventory upfront at optimal price levels,” Puravankara said.
On the operational front, the company sold 0.61 million sq ft in the first quarter, almost same as the year-ago period.
“Sales value stood at Rs 370 crore, compared to Rs 347.6 crore in the quarter ended June 30, 2017,” the statement said.
Source: Press Trust of India