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Puravankara Projects Q4 Group Profit More Than Doubles

The Bengaluru-based real estate developer Puravankara Projects Ltd.'s fourth-quarter consolidated net profit, after share of profit/loss of associates, rose more than two-fold to Rs.46.05 crore or Rs.2.16 per share, compared with Rs 16.87 crore or Re.0.79 per share for the quarter ended March 31, 2011.

Quarterly net income from operations stood at Rs.230.70 core, up by 52 percent from the Rs.151.56 crore in the year-ago quarter, while other operating income totaled Rs.1.25 crore, compared with Rs.3.79 crore in Q4FY11.

For the full year, its net profit rose by 15 percent to Rs.135.73 crore form the Rs.117.92 crore in 2011. Total income, including other operating income, amounted to Rs.814.50 crore, compared with Rs.599.73 crore, an increase of 36 percent.

Stand-Alone Results

On a stand-alone basis, the company posted fourth-quarter net profit of Rs.11.99 crore or Re.0.56 per share, compared with Rs 9.26 crore or Re.0.43 per share in the year-ago quarter, an increase of 29 percent. Total income, including other operating income, amounted to Rs.144.39 core, up by 45 percent from the Rs.99.80 crore in Q4FY11. .

For the full year, its net profit rose by 15 percent to Rs.47.40 crore form the Rs.83.86 crore in 2011. Total income, including other operating income, was Rs.527.57 crore, compared with Rs.414.65 crore, reflecting a 45 percent decline.

The company's board recommended a final dividend of Re.1.00 per equity share of Rs. each for the fiscal year 2012.

Commenting on the results, CMD Ravi Puravankara said, "2011-11 has been a rather challenging year but we are extremely pleased with our performance in such an environment. We expect 20112-13 to offer a more conducive environment in terms of the various growth indicators and believe that absorption levels will increase. I believe that Puravankara, with its new launches, across regions, will continue to capitalize on the demand for quality homes."

At the BSE, Puravankara Projects shares are currently trading at Rs.65.00, up 2.77 percent from the previous close.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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