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Bangalore: Puravankara Projects Limited, a leading real estate company engaged primarily in the construction and development of residential and commercial projects, today announced its audited financial results for the quarter ended June 30, 2010 at its Board Meeting held in Bangalore.

Puravankara recorded Revenues of INR 116.30 Crores and Profit after Tax of INR 36.7 Crores for the quarter ended 30th June 2010

Compared to last financial year same period, the revenues and profit after tax have shown an increment of 42.92 percent and 31.55 percent respectively.

The boost in the margins in the current quarter is due to a rise in the prices of homes sold and lowering of the estimated costs of construction for some projects. The consolidated net profits include a modest contribution towards the revenue from their subsidiary, Provident Housing Limited, which is expected to rise significantly in the next few quarters.

The company is poised to expand their business operations to newer markets for both brands, Puravankara as well as Provident.

The area currently under development by the Puravankara Group is 20.25 million sq. ft. with projects spread across Bangalore, Chennai, Kochi and Kolkata. Presently there are 14 on-going residential projects and 2 commercial projects.

The Group’s relatively strong financial position and liquidity is underlined by its comfortable debt to equity ratio of 0.57 and a relatively modest net debt of INR 861.20 crores as on 30th June 2010.

Commenting on the business, Mr. Ravi Puravankara, Chairman and Managing Director, said “The signs of positivity in our economy has brought about rapid progress and growth in India and with the industrial output climbing every day driven by strong consumer demand, Puravankara is well poised to benefit from this economic upswing and create value with our residential centric business model. We believe in value engineering as it is a primary tenet of value engineering that basic functions be preserved and not be reduced as a consequence of pursuing value improvements. Puravankara’s track record and experience in Indian housing along with this concept will ensure that we give back to the society and urge the community to practice value measures.

At this time, the customer is looking for value for money, and we have realigned our sales and marketing focus to meet the emerging opportunities, both at the strategic as well as tactical level. To do this, we have initiated several proactive measures to target this audience and invigorate sales through adopting ‘next practices’ in marketing, varying product mix, designing customized offerings.

for institutional sales, enhancing both the width and depth of customer reach and capitalizing on land banks where new projects are now being planned.

On the expenditure front, several measures like cost reduction, process improvements, inventory control etc have been effectively implemented and this has resulted in a leaner and more efficient internal ecosystem.

We have a well chalked out strategy for the ensuing fiscal and plan to increase the product mix as I believe that customer focus, through steady and innovative quality improvements resulting in a niche product of world class standards, will lead us to the next level”.

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