Bangalore-based Puravankara Projects, by controlling cost and higher realisation from projects, has reported a 40.62 per cent increase in net profit at Rs 61.89 crore for the first quarter of financial year 2008-09 ended June 30, 2008 as compared to Rs 44.01 crore recorded in the corresponding previous quarter.
The company's operating profit is up 46.89 per cent at Rs 58.89 crore in the first quarter as against Rs 40.09 crore clocked last year. The revenues of the company is up 30.88 per cent to Rs 157.58 crore for the first quarter as against Rs 120.40 crore in the previous year.
Puravankara Projects in the next two quarters to strengthen its base is planning to enter new businesses like hotels and low cost housing to be operated through subsidiary companies.
Commenting on the performance, Ravi Purvankara, chairman and managing director, said "We have maintained our profit margins this quarter at 39 per cent in the face of cost and price pressures. Our financial position and strong liquidity, together with our ability to control costs, have placed us in a firm position. We are confident of maintaining our profit margins at high levels and launching large projects across Coimbatore, Chennai, Kochi and Bangalore in the coming quarters."
