Purvankara Projects Q2 net profit up
Realty developer Puravankara Projects has reported 58% on-year rise in consolidated net profit at Rs 43 crore for the quarter ended September. Revenue for the quarter declined 11% to Rs 382 crore, the company said.
“We have reported a strong quarter despite the sluggish real estate market and disruptive macro environment with area sold at 0.47 million sq ft. We welcome the government’s demonetization move even though this will likely affect the real estate sector through a stretched recovery of demand. In the long run, this move bodes very well for the sector, economic recovery and transparency,” said Ashish R Puravankara, MD, Puravankara Projects.