Puravankara Projects Q2 net profit up 58% on year

MUMBAI: Realty developer Puravankara Projects has reported 58% on-year rise in consolidated net profit at Rs 43 crore for the quarter ended September. Revenue for the quarter declined 11% to Rs 382 crore, the company said in a release.

The company’s total sales for the quarter stood at 4.70 lakh sq ft. Of this, sales from ready-to-move-in inventory stood at 2.10 lakh sq ft, while sales from ongoing, including new launches, stood at 2.60 lakh sq ft. Collections for the quarter stood at Rs 300 crores.

“We have reported a strong quarter despite the sluggish real estate market and disruptive macro environment with area sold at 0.47 million sq ft. We welcome the government’s demonetization move even though this will likely affect the real estate sector through a stretched recovery of demand. In the long run, this move bodes very well for the sector, economic recovery and transparency,” said Ashish R Puravankara, MD, Puravankara Projects.

The company’s net debt to equity stands at 0.93 times and the weighted average cost of debt reduced to 11.77% as on September end.