Puravankara Projects tumbles after weak Q1 numbers

Puravankara Projects tumbled 8.02% to Rs 97.50 at 14:51 IST on BSE after consolidated net profit declined 14.55% to Rs 58.25 crore on 25.11% growth in total income from operations to Rs 461.62 crore in Q1 June 2014 over Q1 June 2013.

The Q1 result was announced during market hours today, 7 August 2014.

Meanwhile, the S&P BSE Sensex was up 62.44 points or 0.24% at 25,727.71.

On BSE, so far 89,000 shares were traded in the counter as against average daily volume of 22,000 shares in the past two weeks.

The stock hit a high of Rs 106.35 and a low of Rs 97.15 so far during the day.

Commenting on the company's Q1 performance, Ashish R Puravankara, Joint MD, Puravankara Projects said, "Taking into consideration the current macro-economic conditions, our performance has been good and we will continue this momentum in the coming quarters. With the new government at the centre, sentiments have been upbeat and the policy initiatives including the push for affordable housing will be a key driver in the growth. Being the front-runners in the premium affordable housing segment, we will be entering new markets starting with Mumbai and Pune for this financial year".

Area sold rose 6.06% to 0.70 million square feet (msf) in Q1 June 2014 over Q1 June 2013. Sales value rose 36.18% to Rs 350 crore in Q1 June 2014 over Q1 June 2013.

Puravankara Projects said that 22% of the sales for the quarter were contributed by ready-to-move-in inventory and the balance from ongoing projects and new launches.

Puravankara sales realization for ongoing projects rose 17% to Rs 5,402 per square feet (psft) in Q1 June 2014 over Q1 June 2013. Provident sales realization rose 10% to Rs 3,715 psft in Q1 June 2014 over Q1 June 2013.

Puravankara Projects' launch pipeline for the year stands at 18.41 msf under both Puravankara and Provident, the company said in a statement.

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