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PURAVANKARA’S CONSOLIDATED REVENUES INCREASE BY 64%,

Bengaluru, 11 August 2011

Puravankara Projects posted an impressive 64% increase in the consolidated Revenues for the quarter ended 30 June 2011. The increase in turn-over is in line with the strategy to capitalize on the existing demand through their new launches across Chennai, Bengaluru and Coimbatore, which has translated for the quarter ended 30 June 2011, into sales of 730000 square feet.

The Company will be launching a new luxury residential project in CV Raman Nagar, Bengaluru totalling 1.24 million square feet and expects to achieve revenues of Rs. 500 crores. In addition to the above, approvals for another 6 millon square feet is expected to be obtained across key locations in Chennai and Bengaluru for projects under Puravankara brand. In line with their existing plans, 6 projects totalling 12 million square feet will be launched post approvals across Bengaluru, Mangalore and Coimbatore under the Provident Brand.

Financials

The company recorded an increase of 64% growth in the Consolidated Revenues for thequarterended 30 June 2011at INR 1,904 Million as compared to INR 1,163 Million respectively for the quarter ended 30 June 2010.

Consolidated net profits after tax for the quarter ended 30 June 2011 stands at INR 311 Million as compared to INR 169 Million for the quarter ended 31 March 2011and theconsolidated net profits after tax for the quarter ended 30 June 2011 stands at INR 311 Million as compared to INR 367 Million for 30 June 2010.  The lower profits are principally because of higher tax provision due to the sale of non 80IB units.

The debt to equity ratio as at 30 June 2011 stands at 0.69 with a net debt of INR 11,094 Million

Commenting on the results Mr. Ravi Puravankara, Chairman and Managing Director, said “The current macro-economic sentiments are transitory and as such our company is well positioned to capitalize on the market opportunities by optimizing our resources and utilizing strategic locations to create landmarks. Increase in sales is also reflective of the existing demand in the market and we are well poised to address this demand by expansion into newer geographies and markets in the coming quarters through new launches, both under Puravankara and Provident brand.”

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