Puravankara Projects builds on strong Q4 results

Puravankara Projects rose 2.77% to Rs 65 at 11:57 IST on BSE after consolidated net profit jumped 173% to Rs 46.05 crore on 49% growth in revenue to Rs 232.11 crore in Q4 March 2012 over Q4 March 2011. The company announced the results after trading hours on Tuesday, 8 May 2012. Meanwhile, the BSE Sensex was up 53.67 points or 0.32% to 16,599.85. On BSE, 10,529 shares were traded in the counter as against average daily volume of 12,265 shares in the past one quarter. The stock hit a high of Rs 68.20 and a low of Rs 64.25 so far during the day. The stock had hit a 52-week high of Rs 114.45 on 17 May 2011. The stock had hit a 52-week low of Rs 54.15 on 30 December 2011. The real estate developer has equity capital of Rs 106.74 crore. Face value per share is Rs 5. Puravankara Projects' consolidated net profit rose 15% to Rs 135.73 crore on 36% growth in revenue to Rs 815.46 crore in the year ended 31 March 2012 over the year ended 31 March 2011. Puravankara Projects said it has done well both in the Luxury and Premium Affordable segments and has maintained margins both at Gross and PBT levels. The absorption for the company's new product launches (Windermere, Midtown and Bluemont) has been impressive and these have contributed significantly to growth in financial year ended 31 March 2012, Puravankara Projects said in a statement. The company's commitment to timely execution, both on new and existing projects, has ensured quicker turn-around times across the construction cycle, Puravankara Projects said. The company is also adopting newer construction technologies that will be the norm in all projects going forward, the company said in a statement. Commenting on the results, Mr Ravi Puravankara, Chairman and Managing Director, Puravankara Projects said: "2011-2012 has been a rather challenging year, but we are extremely pleased with our performance in such an environment. We expect 2012-2013 to offer a more conducive environment in terms of the various growth indicators and believe that absorption levels will increase. I believe that Puravankara, with its new launches, across regions, will continue to capitalize on the demand for quality homes". The company said it will launch three new projects in Bengaluru, followed by two more projects in the following quarter in Chennai and Bengaluru respectively from Q1 June 2012. The company said it expects its operational cash flows to significantly improve from Q1 June 2012, arising out of sales from existing and new project launches. Puravankara Projects' board of directors at a meeting held on Tuesday, 8 May 2012, recommended a final dividend of Re 1 per share for the year ended March 2012. Puravankara Projects, headquartered in Bengaluru, is a real estate developer. The company focuses on residential and commercial properties, such as apartment complexes, villas, and townhouses.