Puravankara Projects, a real estate developer, on Wednesday reported 85% rise in consolidated net profit at Rs 50 crore for the second quarter ended September 30, 2012 compared to the corresponding quarter last year. Its revenues went up 38% to Rs 274 crore in the quarter as against Rs 198 crore in the year ago period.
The company's area sales increased by 16% for the quarter standing at 670,000 sq ft as compared to 580,000 sq ft for the corresponding quarter. Sale value for the quarter was Rs 234 crore, representing an 18% increase over Rs 199 crore in the September quarter of 2011.
"Contribution from ready-to-move-in inventory from Purva Venezia, Purva Highlands and other projects in the Puravankara portfolio, has been very good and we expect the momentum to continue," Ravi Puravankara, chairman and managing director, Puravankara Projects said.
"Despite macro-economic challenges of high inflation, rising fiscal deficit and sluggish GDP growth, we expect the industry to perform well in the coming quarters due to recent policy reforms announced by the government, such as CRR reductions and liberalisation of FDI norms," he added.
Puravankara launched an ultra-luxury project, Purva Whitehall at Sarjapura, off Outer Ring Road in Bangalore in October and has sold 35% of the total inventory with sizes ranging between 1,900-2,500 sq ft.