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Media Information
Puravankara net profit up 75% on rise in finished home prices

Published & Updated as on - 2010-02-16

Real estate company, Puravankara Projects has posted a 75 per cent increase in net profit to Rs 30.49 crore during the third quarter of the current fiscal on the back of an increase in the prices of finished homes sold during the quarter.

“Recession during the last year has in fact helped us to consolidate our operations,” the Puravankara Director, Mr Ravi Ramu, told newspersons.

Revenues for the company, however, declined 8.55 per cent to Rs 73.19 crore during the third quarter compared with the same period last year. An official with the company said during the next two to three quarters, the company will build projects of a total size of 20 million sq ft.

Mr Ramu claimed that the company's affordable housing subsidiary, Provident Housing, was the market leader in the industry.

He said the sizes of each project were getting bigger.

“We have gone to 6 million sq ft for each of the projects now,” he said.

The size of the company's land bank is about 125 million sq ft.

source : Business line 30/01/2010

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