Real estate firm Puravankara Projects on Monday said its net profit doubled to R64 crore in the December quarter from R32 crore in the same quarter last fiscal on account of robust sales and better realisation per square feet.
The Bangalore based company’s consolidated revenues also rose 60% to R311 crore in the October-December period compared with R194 crore it achieved in the same quarter of the last fiscal.
The company sold 0.91 million sq ft during the quarter, more than double the 0.44 million sq ft it sold last year. It said that average realisation increased to R4,307 against R3,835 last year for Puravankara brand while its subsidiary Provident earned revenue of R2,752 per sq ft against R2,671 last year. “The performance this quarter is a continuation of the momentum to a new growth trajectory with significant traction. Our new launch pipeline will keep this momentum going,” Ravi Puravankara, chairman and managing director of Puravankara Projects , said in a statement. The company is scheduled to touch revenues of R1,000 crore this financial year according to the release. The shares of the company closed up 2.5% at R107.25 on the BSE.