Puravankara Ltd on Thursday reported a 78 per cent decline in its consolidated net profit at Rs 34.44 crore for the three months to June 2022, mainly due to one-off gains in the year-ago quarter. Its profit stood at Rs 154.15 crore in Q1 FY22.
Total income also fell to Rs 297.35 crore in the first quarter of this fiscal from Rs 542.12 crore in the corresponding period of the previous year. The company had reported other income of Rs 360 crore in the June 2021 quarter.
Sales bookings of the Bengaluru-based firm rose 63 per cent to Rs 513 crore during April-June quarter of this fiscal from Rs 314 crore in the year-ago period.
Ashish R Puravankara, Managing Director, Puravankara Ltd said, “We believe India’s real estate will continue to witness sustained growth momentum, which will be fuelled by favourable market forces, government measures, and positive customer sentiment.”
He said the new financial year has begun on a positive note, with the company achieving its highest-ever quarterly sales in Q1 FY23.
“And this is remarkable as it has been achieved in an inflationary environment and without any new launches. Despite the challenging environment, we see positive customer sentiments, improved affordability, and heightened aspiration to have good quality homes,” he added.
He further said the company expects to ride on this wave of robust sales, strong demand in the sector, and a stable economy.
“We are upbeat about our new launches, and we will continue to focus on scaling our operations while maintaining a healthy balance sheet,” he said.
