Ready-to-move-in (ready units) inventory and new launches boosted Puravankara Projects’ consolidated profit by 101.28 per cent to Rs 64.41 crore in the third quarter this fiscal.

The company’s income from operations was also up 60.19 per cent to Rs 310.61 crore compared with the same quarter in the past fiscal. Earnings per share stood at Rs 3.02 compared with Rs 1.50 recorded the past year.

Joint Managing Director Ashish Puravankara said, “Ready-to-move-in inventory contributed 28 per cent of revenue during the quarter and the balance from the ongoing projects.”

“During the quarter, the company achieved highest sales ever with about nine lakh sq. ft sold, with Puravankara contributing around 73 per cent and the remaining 27 per cent from provident and associates,” he added.

The company (Puravankara brand) at the end of the quarter had Rs 750-crore worth of unsold stock and expects to sell that in the fourth quarter or in the first quarter of 2013-14.

Sale value for the third quarter was Rs 355.1 crore, representing a 125 per cent increase versus Rs 157.8 crore in the same period last fiscal.

Chief Executive Officer Jackbastian Nazareth said, “We expect to record sales in excess of three million sq. ft by end of financial year 2012-13 with significant contribution coming from the launches of Provident Sunworth and Purva Sunflower.”

“Of the new launches, 2.3 million sq. ft under Puravankara brand and 1.17 million sq. ft under Provident are spread across Mysore, Coimbatore, Mangalore, Chennai, Kochi Hyderabad and Kolkata.” he added.

anil.u@thehindu.co.in

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