Puravankara net profit soars by 86 pc

Bangalore, Apr 30 (UNI) Real estate major Puravankara Projects today reported a consolidated net profit of Rs 240.05 crore, a 86 per cent increase as compared to Rs 129.10 crore during the previous year.

Revenue was up by 36 per cent and stood at Rs 565.81 crore over the previous year.

Briefing newspersons here, company Director Ravi Ramu said net profit margins moved up substantially to over 42 per cent during the year, an increase of more than nine per cent compared to the previous year.

The company announced a total dividend of 40 per cent on equity shares of Rs five each.

Consolidated net profit for the fourth quarter increased by 56 per cent to Rs 72.71 crore, while net profit was up by 47 per cent compared to the corresponding quarter last year.

''Steady selling, general and administrative expenses, a higher contribution of profits from the joint venture with Keppel Land and a tax credit, was instrumental in the fast growth of the company,'' Mr Ravi said.

He said the area currently under development had increased to 18.78 million sq ft with projects spread across Bangalore, Chennai, Hyderabad, Kochi, Mysore and Colombo.

There were 16 ongoing residential projects and three commercial projects. A range of residential and commercial projects were planned to be launched in the coming months in Coimbatore, Colombo, Kochi, Bangalore and Mysore.

The current land bank had been further augmented through significant land acquisitions in the third quarter in Chennai and Hyderabad and currently stands at 124.79 million sq ft of developable area.

UNI RS SJ 1828