Puravankara crumbles into red

Puravankara continues to slide today too. The stock opened weaker at Rs.93, to slip to an intra day low at Rs.86 and currently remains at the same levels, down almost 11%.

The realty company stock has dipped into the red following disappointing Q1FY15 numbers. Its net profit for the quarter slipped 15% (YoY) to Rs.58 crore due to much lower profit recognition from its projects under development. The company’s sales realization for ongoing projects rose 17% to Rs 5,402 per square feet  and Provident sales realization rose 10% to Rs.3715/sq feet. The company has stated that its launch pipeline for current fiscal is 18.41 msf under both Puravankara and Provident.