Puravankara Records Rs 155 Crore Profit In Q1 FY22
Realty firm Puravankara Ltd reported a net profit of Rs 155 crore for June quarter 2021-22 and appointed Abhishek Nirankar Kapoor as new CEO of the company. It had posted a net loss of Rs 17 crore for the year-ago period. Revenue rose nearly three-fold year-on-year to Rs 542 crore in the first quarter of this fiscal year, the-Bengaluru based firm stated. The board also approved appointment of Abhishek Nirankar Kapoor as Chief Financial Officer, as Additional Director in the capacity of Executive Director and as Chief Executive Officer. Kapoor has been Chief Operating Officer -Residential Business at Puravankara Ltd since September 2019. Commenting on the result, Managing Director Ashish R Puravankara, said, "We have begun the new financial year on a high note with our Q1 results.The foundational strength of our portfolio and operational agility kept us resilient, ensured business continuity while undergoing a seamless digital transformation. The company recorded a sales value of Rs 314 crore exclusively from ready-to-move and under construction projects. This is especially encouraging in the light of increased price realisation per square feet leading to margin protection. We expect the positive customer sentiment to sustain in the future as well. With a net debt reduction of Rs 451 crore and operating inflows of Rs 817 crore, we are well capitalised to optimise the buoyant sentiment.”
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