Puravankara Projects lost 4.69% to Rs 62.95 at 10:21 IST on BSE after consolidated net profit fell 68.78% to Rs 20.1 crore on 13.67% decline in revenue to Rs 268.30 crore in Q3 December 2013 over Q3 December 2012.
The Q3 result was announced after market hours on Friday, 7 February 2014.
Meanwhile, the S&P BSE Sensex was down 21.08 points or 0.1% at 20,355.48.
On BSE, so far 5,438 shares were traded in the counter as against average daily volume of 26,757 shares in the past one quarter.
The stock hit a high of Rs 64.50 and a low of Rs 62.20 so far during the day. The stock had hit a 52-week low of Rs 58.05 on 4 September 2013. The stock had hit a 52-week high of Rs 110.90 on 21 February 2013.
The stock had underperformed the market over the past one month till 7 February 2014, sliding 12.05% compared with the Sensex's 1.53% fall. The scrip had also underperformed the market in past one quarter, declining 20.28% as against Sensex's 2.14% fall.
The small-cap real estate developer has equity capital of Rs 118.57 crore. Face value per share is Rs 5.
Commenting on the company's Q3 performance, Ashish Puravankara, Joint MD, Puravankara Projects said, "We have focused on new launches in the last quarter, the response of which has been very good with consistent sales. The impact of these sales will be realized on our cash flows and profitability in the coming quarters and we expect to continue this momentum".
Area sold in Q3 December 2013 was at 0.90 million square feet (msf) compared to 0.91 msf in Q3 December 2012. Sales value rose 9% to Rs 402.80 crore in Q3 December 2013 over Q3 December 2012. Puravankara's sales realization for ongoing projects rose 10% to Rs 5,042 per square feet (psft) in Q3 December 2013 over Q3 December 2012. Provident realization stood at Rs 3,702 psft in Q3 December 2013.
Puravankara said that immediate launches of the group in Q4 March 2014 totals 2.73 msf under both Puravankara and Provident. Of this, Puravankara has already pre-launched 1.92 msf in Bengaluru which has met with an excellent response from the market, the company said in a statement.
Puravankara Projects is one of the leading real estate companies in India, with significant presence in Bangalore, Kochi, Chennai, Coimbatore, Hyderabad, Mysore, and overseas in the United Arab Emirates, Kingdom of Saudi Arabia and Sri Lanka.
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