Bangalore, May 1 A tough real estate market with dwindling demand and no new projects on hand have brought down real estate company Puravankara Projects’ net profit to Rs 14.5 crore in the January-March quarter of the financial year 2008-09 from Rs 72.7 crore in the corresponding quarter of financial year 2007-08, down 80 per cent.
The company’s revenues were down 56 per cent at Rs 67.92 crore for the period (Rs 153.8 crore), and its operating profits were down 80 per cent at Rs 10.22 crore (Rs 52.74 crore).
According to the company’s press release filed with the Bombay Stock Exchange, it has 13.44 million sq ft under construction in Bangalore, Chennai, Hyderabad, Kochi and Kolkata.
There are 13 ongoing residential projects and two commercial projects. Its current land bank is 125.17 million sq ft of developable area.
The company’s debt to equity ratio is 0.58, with a net debt of Rs 788 crore as on March 31, 2009, said the release.
For the year ended March 31, 2009, the company recorded a net profit of Rs 144.41 crore, down 40 per cent from Rs 240 crore during the previous year.
Its revenues were down 21 per cent at Rs 444.9 crore (Rs 565.8 crore), while operating profits had come down by 37 per cent to Rs 131.15 crore (Rs 207.47 crore).