Puravankara Q2FY22 Results: Profit at Rs 12 crore; to raise Rs 180 crore via debentures

Realty firm Puravankara Ltd on Friday reported a consolidated net profit of Rs 12.13 crore for the quarter ended September 2021 and said it will raise Rs 180 crore through issue of debentures.

The company had posted a net loss of Rs 9.81 crore in the year-ago period.

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Total income rose to Rs 272.15 crore in the second quarter of the current fiscal year from Rs 220.07 crore in the corresponding period of 2020-21.

The board also approved the issue of fully secured, unlisted, rated, non-convertible debentures via private placement. The size of the issue is Rs 180 crore in one or more tranches.

"The residential sector continues to witness strong demand on the back of India's economic revival, post the second wave of the pandemic. We see polarisation in demand among the top developers," Ashish R Puravankara, Managing Director, Puravankara, said.

With the steady rise in homeownership as an aspiration aided by low interest rates, he said the company is optimistic about the sector's outlook.

"Our consistent efforts to ensure business continuity and unmatched tech adoption have translated into sales. We expect this momentum to continue," he said.