Puravankara posts a loss of ₹21 crore in Q2

Puravankara reported a loss of ₹21 crore in the second quarter, compared to a profit of ₹12 crore in the corresponding quarter last year.

The Bengaluru-based real estate firm, however, clocked its highest-ever sales in a quarter or the first half of any financial year, driven by strong demand and an increase in average property prices.

The company's revenue, net profit, and earnings before interest, taxes, depreciation and amortisation (Ebitda) took a hit due to the adoption of new accounting norms that follow the completed contract method of revenue recognition.