Puravankara Projects Q4 net profit rises by 255%

Puravankara Projects

Puravankara Projects

Purvankara projects

Puravankara Projects the company’s consolidated revenues for the January to the March quarter was registered at Rs 460 crores; up 37% during the same period last year

BENGALURU: Bangalore-based real estate firm Puravankara Projects reported 255% jump in net profit at Rs 62 cr for the March quarter of FY17.

The company’s consolidated revenues for the January to the March quarter was registered at Rs 460 crore; up 37% during the same period last year.

Ashish R Puravankara, Managing Director, Puravankara Limited, said, “We are pleased to have delivered a good quarter in a subdued demand environment with major contributions from all our active markets: Bengaluru, Pune, Kochi, Hyderabad and Chennai.”

Puravankara’s EBIDTA stood at Rs 140 crore; up 61% a year ago.

“We expect this sales momentum to continue into FY18 as well. RERA and the Union Budget focus on affordable housing will provide a huge fillip to the real estate sector in general, and Provident Housing, our wholly-owned subsidiary, will be a big beneficiary. We continue to focus on execution and timely delivery of our project,” said Puravankara.

For the year ended March 2017, puravnakara’s net profit rose 53% to Rs 127 cr compared to Rs 83 crore in the previous year.
Consolidated revenue for the year stood at Rs 1429 crore as compared to Rs 1605 cr in FY 17.

For the quarter ended March 31, 2017, the sales realization of ongoing projects for Puravankara and Provident stood at Rs 6,123 psft and Rs 4,414 psft, respectively. This is a 16% and 8%, increase respectively, from the year-ago period.

The company has 24.92 msft of projects under development as of March 31, 2017.

Net debt to equity stands at 0.84x vs. 0.94x last yearand 0.95x in Q3FY17 and the weighted average cost of debt reduced to 11.44% as against 11.86% for the year-ended March 31, 2016 and 11.60% in quarter three of fiscal 2017.

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