Puravankara Q2 profit up 56% to Rs 42 cr

Realty firm Puravankara Projects today reported 56 percent increase in consolidated net profit at Rs 42.12 crore for the September quarter of the current fiscal.

Its net profit stood at Rs 26.97 crore in the July- September period of last fiscal, the Bengaluru-based firm said in a regulatory filing.

The company's income from operations fell however by 11 percent to Rs 377.53 crore during the second quarter of the current 2016-17 fiscal, from Rs 423.94 crore in the year-ago period.

Its expenditure declined to Rs 260.41 crore during the quarter under review from Rs 328.70 crore a year ago.

"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," Puravankara Projects Managing Director Ashish R Puravankara said.

He welcomed the government's demonetisation move even though this would likely affect the real estate sector through a stretched recovery of demand.

"In the long run, this moves bodes very well for the sector, economic recovery and transparency," Puravankara said.