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Affordable living
Source : The New Indian Express Published On : 2010-05-01 City : Chennai

The Puravankara Projects Group consolidated net profit for the year ended March 31, 2010 was Rs 145.32 crore with revenues of Rs 478.36 crore. The net profit margin for the year at 30.38 per cent is above industry levels and has been achieved despite acute market pressures on profitability. Gross profit margins have sustained over the 42 per cent level whilst selling, general and administrative expenses are lower than the previous year despite the launching of affordable housing business by the group.

Encouraged by the performance and results of the year, the Board of Directors has recommended a dividend of 20 per cent i.e. Re 1 per share on a par value of Rs 5.

Consolidated net profit for the quarter ended March 31, 2010 was Rs 43.73 crore, representing a rise of 200 per cent over the corresponding quarter last year. Net profit margins this quarter was over 35 per cent supported by gross profit margins of above 36 per cent.

The first two projects of Provident Housing, the 100 per cent affordable housing subsidiary of Puravankara Projects Limited, have a total of 5,534 homes covering an area of 5.69 million square feet. The first project in Chennai, Provident Cosmo City, measures 2.23 million square feet and comprises 2,174 apartments.

Provident second project, Provident Well worth City in Bangalore, is a 3.46 million square feet township with 3,360 apartments and includes over 0.2 million square feet of retail space. Sales at these two projects have been most encouraging and with construction on at full swing at both locations, the coming quarters will reflect the revenues from Provident Housing in a more significant manner.

The area currently under development is 19.01 million sq ft. with projects spread across Bangalore, Chennai, Hyderabad, Cochin, and Kolkata. There are 13 on-going residential projects, 11 of Puravankara Projects and 2 of Provident Housing. The current land bank has been further augmented through land acquisitions in the cities of Chennai and Bangalore and currently stands at 125.39 million sq ft. of developable area.

The Group relatively strong financial position and liquidity is underlined by its comfortable debt to equity ratio of 0.54 and only a net debt of Rs 803 crore as at March 31, 2010.

Commenting on the results, Ravi Puravankara, Chairman and Managing Director, said, we have admirably weathered difficult market conditions for real estate and have had another successful year in terms of profits, margins and overall financial performance.

At Puravankara Projects, we are poised to launch large new projects in the coming year across various locations in response to the steadily improving market scenario. A significant achievement this year has been the success of our foray into affordable housing through Provident Housing. We are highly encouraged to move our affordable housing plans forward and are on course to deliver over 60,000 homes in this space in the next six to seven years, he added.

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