Puravankara Projects' net profit down 24% for FY15
Bangalore-based real estate Company, Puravankara Projects net profit for the fourth quarter was down by 24% to Rs 20.35 crore due to challenging market condition.
By ET Bureau |
BANGALORE: Bangalore-based real estate Company, Puravankara Projects net profit for the fourth quarter was down by 24% to Rs 20.35 crore due to challenging market condition.
However, net sales, however, rose 9% from the year-ago quarter to Rs 409 crore.
Ashish R Puravankara, Joint Managing Director, Puravankara Projects, said, " It has been a fairly challenging environment for the real estate market with slow IT hiring, high input costs and no big cutbacks on interest rates".
During Q4 of FY 14, the Company generated Rs. 64 crore of operational cash flows. For the full year of FY15, Puravankara’s posted net profit dropped by 45% to Rs 133 crore as compared to FY14. The company's net sale stood at Rs1,691 crores, up 29% for the last fiscal year as against FY 14 due to cost escalation on project completion with very few new launches. "Over the next twelve months, we will continue to focus on strengthening cash flows and execution," he said.
The company sold 0.25 million sq ft of residential space in the fourth quarter of FY 15. The average price realisation stood at Rs 6031 per square feet for Puravankara and Rs 3744 for Provident brand. Puravankara, currently has 24.01 mn sft of projects under development. It plans to launch 13.64 mn sft in the fiscal 2015-2016 under both the Puravankara and Provident brands across Bengaluru, Chennai, Pune, Mumbai and Hyderabad.
As of 31 March 2015, Puravankara’s net debt stood at Rs 1,556 crores with net debt-equity ratio of 0.69.
The company’s stock was down by 1.02% to Rs 72.75 on BSE on Friday.
However, net sales, however, rose 9% from the year-ago quarter to Rs 409 crore.
Ashish R Puravankara, Joint Managing Director, Puravankara Projects, said, " It has been a fairly challenging environment for the real estate market with slow IT hiring, high input costs and no big cutbacks on interest rates".
During Q4 of FY 14, the Company generated Rs. 64 crore of operational cash flows. For the full year of FY15, Puravankara’s posted net profit dropped by 45% to Rs 133 crore as compared to FY14. The company's net sale stood at Rs1,691 crores, up 29% for the last fiscal year as against FY 14 due to cost escalation on project completion with very few new launches. "Over the next twelve months, we will continue to focus on strengthening cash flows and execution," he said.
The company sold 0.25 million sq ft of residential space in the fourth quarter of FY 15. The average price realisation stood at Rs 6031 per square feet for Puravankara and Rs 3744 for Provident brand. Puravankara, currently has 24.01 mn sft of projects under development. It plans to launch 13.64 mn sft in the fiscal 2015-2016 under both the Puravankara and Provident brands across Bengaluru, Chennai, Pune, Mumbai and Hyderabad.
As of 31 March 2015, Puravankara’s net debt stood at Rs 1,556 crores with net debt-equity ratio of 0.69.
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The company’s stock was down by 1.02% to Rs 72.75 on BSE on Friday.
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