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Puravankara consolidated net up 41%
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Bangalore, July 30 Natural hedging is an important part of our strategy for a good performance, said Mr Ravi Ramu, Director, Puravankara Projects. “This has helped us keep our margins in the face of what happened in the real estate industry and the economy,” he added.
The company’s consolidated net profit for the quarter ended June 30, 2008 stood at Rs 61.89 crore, up 41 per cent from the corresponding quarter last year. Its income for the period was Rs 157.58 crore (Rs 120.4 crore), and net profit margin stood at 39 per cent (36 per cent).
Selling, general and administrative expenses have reduced to 8.33 per cent of the company’s revenues compared with 9.5 per cent in the January-March quarter of last year, Mr Ramu said, adding that reduced expenses and increase in gross profit margin resulted in a higher net profit margin this year.
The area under development has increased to 20 million sq ft with projects in Bangalore, Chennai, Hyderabad, Kochi, Mysore and Kolkata. The company plans to launch projects in Coimbatore, Colombo, Kochi, Bangalore and Mysore in the coming months, Mr Ramu said. “We would prefer sourcing funds from debts than private equity, because the latter is available at expensive terms. Though we have had many players showing keen interest, we are not looking at them now,” he added.
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