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Realty firm Puravankara Projects on Wednesday posted 89.11 per cent increase in net profit at Rs 50.19 crore for the second quarter ended September 30, mainly on the back of strong sales.
The company had reported a net profit of Rs 26.54 crore in the year-ago period.
Total revenues for the quarter grew by 37.81 per cent to Rs 273.02 crore from Rs 198.10 crore in the corresponding period last fiscal, the company said in a statement.
“Despite macro-economic challenges of high inflation, rising fiscal deficit and sluggish GDP growth, we experienced strong sales momentum in both new and completed projects this quarter,” company’s Chairman and Managing Director Ravi Puravankara said.
During the quarter, the company sold 6.7 lakh sq ft as against 5.8 lakh sq ft in the corresponding period last year.
“We expect the healthy absorption rate to continue in the coming quarters,” he said, adding, “We expect the industry to perform well in the coming quarters due to the recent policy reforms announced by the government, such as CRR reductions and liberalisation of FDI norms.”
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