Puravankara Q1 profit up 32% at Rs 26.5 crore

Realty firm Puravankara Ltd on Monday reported a 32 per cent rise in consolidated net profit at Rs 26.5 crore for the first quarter of 2018-19. Its net profit stood at Rs 20.05 crore in the year-ago period. Revenues grew by 11 % to Rs 394.7 crore during April-June period of the current fiscal as against Rs 355.26 crore in the corresponding period of the previous year. Puravankara Ltd MD Ashish R Puravankara said: "This quarter's performance was primarily led by Provident with both sales volume and realisation per square foot showing substantive improvement." "Our commitment to de-risk our dependence on the Bangalore market has started paying results, with substantive contributions from other markets in South & West. Brand Puravankara continues to do well in terms of positioning with sales realisation per square foot clocking above Rs 7,400 this quarter," he added.