Purvankara Projects has recorded 31% increase in consolidated revenues to INR 5,825 Million for the 9-month period ended 31 December 2011 compared to INR 4,440 Million for the nine-month period ended 31 December 2010.
For the quarter ended 31 December 2011, consolidated net profit after tax increased by 21% to INR 320 Million compared to INR 265 Million for the preceding quarter ended 30 Sep 2011.
The company’s EBITDA Margin saw a 300 basis point jump in Q3 FY12 to 26.4% versus 23.4% in Q2 FY12.
Sales realization increased 37% for the quarter ended December 2011 as against the corresponding quarter last year.
Commenting on the results, Ravi Puravankara, Chairman and Managing Director, Puravankara Projects, said “The Company has performed well and is now well-positioned to absorb the growing demand through its new launches both under Puravankara and Provident brands. The easing of interest rates will add to this momentum for the group.”
In line with the launch plan, Provident Housing Limited has successfully launched its new project “Provident Harmony” in Bengaluru on January 7, 2012.
The luxury housing segment continued to grow impressively in the key southern markets of Bengaluru, Chennai and Kochi despite a high interest rate environment. With the easing of interest rates, the momentum of new launches will continue across the various micro-markets in Chennai and Bengaluru over the next 3 quarters.
