BackPuravankara Q1 net profit rises 36%
Net profit rose to Rs68.2 crore, while revenue increased 49% to Rs369.2 crore
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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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