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Real estate developer Puravankara intends to expand to its market by adding more projects in Maharashtra’s Mumbai and Pune markets, Abhishek Kapoor, CEO of the Bengaluru headquartered firm said on Monday.
“We are already in Mumbai market with two projects in Chembur and Shil Phata (Dombivli)…we have built a strong team over there and as we go along, we will participate a lot more in the Mumbai and Pune markets,” he told CNBC-TV18.
The leading real estate developer’s remark came after the firm reported a consolidated net loss of Rs 17.22 crore for the quarter that ended September on a lower income. This compares to the net profit stood of Rs 12.27 crore in the corresponding quarter a year ago.
Puravankara’s total income for the quarter under review fell to Rs 252.85 crore from Rs 272.95 crore in the same three-month period the previous year, the realty firm said in a regulatory filing.
Following the Q2 results, Kapoor said unlike generic hikes in the April to June quarter due to inflationary pressure, this time the firm undertook price increases on a project-to-project basis, inventory availability and micro-market basis.
He is eying a better second half of the financial year with several launches likely in the third and fourth quarters.
“For the first half of the year, we have done Rs 925 crore versus Rs 620 crore, up by 50 percent. Collections are the most important cash flows, the most important thing from a real estate point of view. In fact, our collections for Q2 were Rs 518 crore versus Rs 323 crore in Q1. So, we are seeing that as a continued trend,” he explained.
Kapoor added that Puravankara will be on track to keep debt levels in check and on a per-square-foot basis.
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