Puravankara Ltd Q2 net profit rises to Rs 27.5 cr on higher sales

Realty firm Puravankara Ltd on Thursday reported a 28 percent increase in consolidated net profit to Rs 27.5 crore for the September quarter on higher sales. Its net profit stood at Rs 21.54 crore in the year-ago period, the company said in a regulatory filing.

Total income for the second quarter rose to Rs 623.81 crore from Rs 499.28 crore in the corresponding period of 2018-19. "The current exigencies have exerted pressures on the business environment of the real estate sector. But this quarter to we have kept our momentum of robust sales and cash flow," Puravankara MD Ashish R Puravankara said.

"At the end of H1 of FY20, the sales of ready-to-move-in inventory have almost doubled year-on-year, proving that our lasered focus on this segment is reaping benefits. The trend that started a few quarters ago, where there was a shift of customer preference from under construction projects to ready-to-move-in inventories continue to increase every quarter," he added.

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