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Mumbai: Bangalore-based Puravankara Projects Ltd said Tuesday that net profit for the June quarter rose 36% from the year-ago period, boosted by the sale of units that are ready to move into.

Net profit rose to Rs68.2 crore, while revenue increased 49% to Rs369.2 crore.

Apartments that are ready and nearing completion contributed 45% to the area sold in the June quarter, up from 21% in the March quarter.

It sold 0.66 million square feet of property in the April-June period, an increase of 18% from the year-ago period.

Puravankara is expecting to generate cash flow of Rs500-600 crore this financial year from the sale of ready and near-completion projects.

The stock slumped 6.12% to Rs62.10 while the Sensex closed at 18,733.04 points, down 2.34%.

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