Realty firm Puravankara Projects Ltd today reported 21 per cent decline in consolidated net profit at Rs 20.45 crore for the quarter ended March on higher expenses.
Its net profit stood at Rs 25.73 crore in the year-ago period.
Total income from operations rose to Rs 409.09 crore during January-March quarter of 2014-15 fiscal, from Rs 374.84 crore in the year-ago period.
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During 2014-15 fiscal, Puravankara Projects' net profit dropped to Rs 132.73 crore against Rs 159.98 crore in the previous year, Bengaluru-based developer said in a filing to the BSE.
However, total income from operations rose to Rs 1,677.72 crore in 2014-15 from Rs 1,310.20 crore in the previous year.
"Our continued focus on delivery and execution has enabled us to end this fiscal 29 per cent higher in terms of revenue over FY'14. It has been a fairly challenging environment for the real estate market with slow IT hiring, high input costs and no big cutbacks on interest rates.
"We have ended this year with an operating surplus. Over the next 12 months we will continue to focus on strengthening cash flows and execution," company's Joint MD Ashish Puravankara said.
The board recommended a dividend of 31 per cent on the paid up share of Rs 5 (i.E. Rs 1.55 per share) for the year ended March 31, 2015, to all the shareholders.
