Puravankara Q3 net profit doubles to Rs 64 cr

NEW DELHI: Realty firm Puravankara Projects today reported doubling of consolidated net profit at Rs 64 crore for the quarter ended December, 2012.

The Bangalore-based company had posted Rs 32 crore net profit in the year-ago period.

"Puravankara recorded a 60 per cent increase in consolidated revenues, posting Rs 311 crore in the quarter ended December 31, 2012, compared to Rs 194 crore in the quarter-ended December 31, 2011," the company said in a statement.

For the first nine months of the 2012-13 fiscal, the company has recorded 43 per cent increase in consolidated revenue to Rs 832 crore, as against Rs 583 crore in the year-ago period.

The consolidated net profit increased by 84 per cent to Rs 165 crore during the April-December period, as against Rs 90 crore in the nine months of the previous fiscal.

The company's Chairman and Managing Director Ravi Puravankara said: "Our stellar performance this quarter is a continuation of the momentum to a new growth trajectory with significant traction both in ready-to-move-in inventory and new launch sales.

"Our new launch pipeline in both Puravankara and Provident will keep this momentum going."