Realty firm Puravankara Projects Ltd’s profits are lower by 66.81 per cent at ₹10.14 crore on a consolidated basis for the first quarter of fiscal (2016-17) compared with ₹30.56 crore recorded in the same period last year.
Revenues are also 31.79 per cent lower at ₹311.35 crore (₹456.52 crore). EPS stood at ₹0.43 against ₹1.29 recorded last year.
Commenting on the company’s performance, Ashish R Puravankara, MD, said: “We are witnessing a strengthening of our business as compared to earlier periods on project deliveries, collections, accelerated sales from read-to-move in and a favourable balance-collections vs balance-costs to go owing to many of our current projects having sold over 50 per cent.”