Puravankara Q1 net slides 67 per cent
On Thursday, Real estate firm Puravankara Projects has reported 67 per cent decline in consolidated net profit at Rs 10.24 crore for the quarter ended June on lower sales. Its net profit stood at Rs 30.72 crore in the year-ago period. Income from operations fell 32 per cent to Rs 311.35 crore in the first quarter of this fiscal from Rs 456.52 crore in the corresponding period of the previous year. Company's finance cost increased to Rs 62.35 crore from Rs 54.61 crore during the period under review. "We are witnessing a strengthening of our business as compared to earlier periods on project deliveries, collections, accelerated sales from ready-to-move-in and a favourable balance-collections vs balance-cost-to-go owing to many of our current projects having sold over 50 per cent," said, Ashish Puravankara, MD, Puravankara Projects.
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