Puravankara Projects Q1 profits up by 41%
Leading real estate developers, Puravankara Projects registered a consolidated net profit of Rs 61.89 crore for the quarter ended June 30, up by 41 per cent compared to the corresponding quarter last fiscal.
By PTI |
BANGALORE: Leading real estate developers, Puravankara Projects registered a consolidated net profit of Rs 61.89 crore for the quarter ended June 30, up by 41 per cent compared to the corresponding quarter last fiscal.
The firm registered an income at Rs 157.58 crore for the quarter, an increase of 31 percent over the previous quarter as a result of an increase in the developable area of on-going project, the company said in a statement in Bangalore on Wednesday.
The net profit margin at over 39 percent in the quarter ended June 30, 2008 increased in comparision to the last quarter due to gross profit margin and lower selling, general and administrative expenses which have reduced to 8.33 percent of revenues compared with a higher 9.50 of revenues in the previous quarter of last year, it said.
"We have had another very good quarter of all round growth in terms of operations and financial performance. We have maintained our high profit margins this quarter in face of cost and price pressures", said Ravi Puravankara, CMD.
"We are confident of maintaining our profit margins at a high level and launching larger projects across several locations in the coming quarter", he said.
The area currently under development has increased to 20.08 mn sq.ft. with projects spread over Bangalore, Chennai, Hyderabad, Cochin, Mysore and Kolkattta. There are 16 on-going residential projectrs and five commercial projects under development,he said.
The current land bank has recently been further augmented through significant land acuqisitions in cities like Chennai and Hyderaband and currently stands at 125.37 million sq ft of developable area,he added.
The net profit margin at over 39 percent in the quarter ended June 30, 2008 increased in comparision to the last quarter due to gross profit margin and lower selling, general and administrative expenses which have reduced to 8.33 percent of revenues compared with a higher 9.50 of revenues in the previous quarter of last year, it said.
"We have had another very good quarter of all round growth in terms of operations and financial performance. We have maintained our high profit margins this quarter in face of cost and price pressures", said Ravi Puravankara, CMD.
"We are confident of maintaining our profit margins at a high level and launching larger projects across several locations in the coming quarter", he said.
The area currently under development has increased to 20.08 mn sq.ft. with projects spread over Bangalore, Chennai, Hyderabad, Cochin, Mysore and Kolkattta. There are 16 on-going residential projectrs and five commercial projects under development,he said.
The current land bank has recently been further augmented through significant land acuqisitions in cities like Chennai and Hyderaband and currently stands at 125.37 million sq ft of developable area,he added.
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