Bangalore: Real estate developer Puravankara Projects’ net profit for the first quarter of this fiscal grew over three times to Rs 36.69 crore from Rs 10.24 crore recorded during the corresponding quarter of last year. This was achieved on the back of a 108 per cent increase in revenues at Rs 116.29 crore (Rs 55.97 crore).

COST OF REVENUES

The company has currently 20:25 million sq.ft under development across Bangalore, Chennai, Hyderabad, Kochi and Kolkata. The company’s cost of revenues went up from Rs 38.36 crore to Rs 66.38 crore, which includes more than doubling of material and contract costs to Rs 42.53 crore (Rs 16.12 crore). The company has also added 17.86 million sq.ft of developable area to its land bank during the quarter; the current land bank is 143.25 million sq.ft of developable area.

“We are looking at cities such as Ahmedabad and Goa, and also Tier-II cities in Tamil Nadu, Karnataka and .Kerala for our subsidiary Provident Housing, which is receiving a tremendous response. We are also evaluating projects in Noida (national capital region), and Thane and Panvel (near Mumbai) for Provident Housing,” said Mr Jackbastian Nazareth, COO, Puravankara Projects. The company does not mind outsourcing construction in these cities, “so that it does not become a stress on the company’s bandwidth,” he added. The next launch for this group subsidiary in Bangalore would be on Mysore Road.

NEW PROJECTS
The company will not launch new projects in cities where it already has other projects, he explained.

Source: The Hindu Business Line

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