Puravankara's profit more than doubles in Dec quarter

During Oct-Dec 2012, the consolidated profit of Puravankara Projects expanded 101.28 per cent to Rs 64.41 crore because of ready-to-move-in (ready units) inventory and new launches. The company generated 28 per cent of revenue from the ready-to-move-in inventory during the quarter and the balance from the ongoing projects. During the quarter, its income from operations rose 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. It managed to sell about nine lakh sq. ft during the quarter, with Puravankara contributing around 73 per cent and the remaining 27 per cent from provident and associates. 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.