Thursday, May 01, 2008 7:12 PM
Puravankara Projects FY08 profits increases 86%
Puravankara Projects has announced its fourth quarter and FY08 results. The company's FY08 consolidated net sales were up at Rs 565.81 crore from Rs 416.85 crore.
Its FY08 consolidated net profit was up at Rs 240.05 crore versus Rs 129.10 crore.
Its Q4 consolidated net sales were up at Rs 546.9 crore from Rs 140.95 crore.
Its Q4 consolidated net profit was up at Rs 72.71 crore from Rs 46.48 crore.
Puravankara Projects Concall take aways:
* The company had another very good year of all round growth in terms of operating results, significant land acquisitions, and the completion and launch of projects.
* FY08 Profits Increases 86%
* Net profit margins have moved up substantially to over 42% in the year ended 31 March 2008 due again to higher gross profit margins and lower selling, general and administrative expenses which have reduced to 8.21% of revenues compared with a far higher 10.08% of revenues in the previous year.
* The area currently under development has increased to 18.78 million sq. ft. with projects spread across Bangalore, Chennai, Hyderabad, Cochin and Mysore.
* There are 16 on-going residential projects and 3 commercial projects currently under development.
* A range of residential and commercial projects are planned to be launched in the coming months in Coimbatore, Colombo, Cochin, Bangalore and Mysore.
* The current land bank has recently been further augmented through significant land acquisitions in the third quarter in the cities of Chennai and Hyderabad and currently stands at 124.79 million sq. ft. of developable area.
* The presence and operations of the Puravankara Group across major cities in South India has been firmly established.
* Sales across newly launched projects has been encouraging and this together with planned project launches in the coming quarters makes the management confident that the business and profits are on a sustained high growth path.