Puravankara Faces Setback with Q1 Loss Amid Revenue Decline

Realty giant Puravankara Ltd has reported a consolidated net loss of Rs 68.55 crore for the quarter ending June, attributed to decreased revenue streams. This marks a significant shift from its Rs 14.78 crore net profit in the same period last year.

The company's total income dropped to Rs 538.64 crore during the April-June quarter, compared to Rs 675.55 crore a year ago, as detailed in a recent regulatory filing. Concurrently, total expenses reduced slightly from Rs 654.41 crore to Rs 628.76 crore.

Despite the financial setback, the Bengaluru-based real estate leader achieved a 6% growth in sales bookings, totaling Rs 1,124 crore in the first quarter. Additionally, sales volume showed a slight decline to 1.25 million sq ft, while the average realization increased by 9% to Rs 8,988 per sq ft.

(With inputs from agencies.)