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PURAVANKARA SALES INCREASE BY 57%

Puravankara Projects posted an impressive 57% increase in the consolidated Revenues and recorded INR 1,825 Million for the quarter ended 30 June 2011 as compared INR 1,163 Million. The increase in turn-over is in line with the our strategy to capture demand through new launches. 

Financials

The company recorded an increase of 57% growth in the Consolidated Revenues for thequarterended 30 June 2011at INR 1,825 Million as compared to INR 1,163 Million respectively.

Consolidated net profits after tax for the quarter ended 30 June 2011 stands at INR 332 Million as compared to INR 367 Million for 30 June 2010.  The lower profits are principally de 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 11,043 Million

Commenting on the results Mr. Ravi Puravankara, Chairman and Managing Director, said “Puravankara will continue the momentum gained in the last one year and launch new projects in the coming quarters given the increasingly positive market trends. We are also aggressively looking at expanding into newer geographies and markets. Our experience and expertise of successful project implementation within cost and time schedules as well as the ability to make quick decisions and capitalizing on market opportunities will help us in optimizing our resources and utilizing strategic locations to create landmarks.”

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