Rs 155 crore profit Posted by Puravankara in June quarter 2021-22

Puravankara Ltd, a real estate developer, recorded a net profit of Rs 155 crore for the June quarter 2021-22 and named Abhishek Nirankar Kapoor as its new CEO on Friday. It recorded a net loss of Rs 17 crore in the previous financial year.

Puravankara's sales value was lower in Q1 FY22 at Rs 314 crore than Rs 398 crore in the quarter ended June 30, 2020, due to the negative impact of the second wave of Covid-19 infections and the resulting disruptions.

Puravankara, situated in Bangalore, posted a consolidated net profit of Rs 155 crore for the April-June quarter, compared to a net loss of Rs 17 crore in the previous quarter, thanks to solid sales higher price realization.

The real estate developer's consolidated revenue more than doubled in the first quarter of FY22, to Rs 542 crore, compared to Rs 191 crore in the first quarter of FY20. In the first quarter of FY22, Ebitda was Rs 386 crore, with a margin of 71%.

Puravankara's sales value was lower in Q1 FY22 at Rs 314 crore than Rs 398 crore in the quarter ended June 30, 2020, due to the negative impact of the second wave of Covid-19 infections and the resulting disruptions.

The company sold 0.42 million sq. ft (MSF) in the April-June quarter, down from 0.69 MSF the previous quarter. In the first quarter of FY22, revenues realized increased by 30% year on year to Rs 7,473 per sq. ft.