The Hindu Business Line : Puravankara net surges 86%; dividend at 40%

Bangalore, April 30 Reporting an increase of 86 per cent in its consolidated net profit at Rs 240.05 crore for year ended March 31, 2008, Puravankara Projects has recommended a maiden dividend of Rs 2 per share of Rs 5 (40 per cent) to its shareholders. The revenue for the year rose 36 per cent to Rs 565.81 crore.

Announcing the results at a press conference here, Mr Ravi Ramu, CFO, said the fourth-quarter also saw the net jumping 56 per cent to Rs 72.71 crore. Net margins rose by 42 per cent on the back of rising gross profit margins, steady selling with better price realisation, reduced general and administrative expenses and a higher contribution from its joint venture with Keppel Land, Singapore. These expenses were 8.21 per cent lower resulting in higher revenue realisation at 10.08 per cent than the previous year.

The higher net also included a tax credit of Rs 11.99 crore, which was paid this year and last year as minimum alternate tax and was recoverable in future. Its revenue rose 9 per cent to Rs 153.88 crore (Rs 140 crore). Mr Ravi Ramu said the company’s area under ongoing projects had increased to 18.78 million sq. ft. with projects spread across Bangalore, Chennai, Hyderabad, Kochi and Mysore. With its fresh acquisitions in the third quarter in Chennai and Hyderabad, its land bank has increased to 124.79 million sq. ft. of developable area.

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