Puravankara (PURVA) Q4 07/08 earnings summary

Executive summary

• FY08 consolidated revenue rose 35.73% YoY to Rs 5,658.15m; PAT increased 85.94% to Rs 2,400.48m, supported by higher project income and associate profits.

• Development footprint reached 18.78m sq. ft., with 16 residential and 3 commercial projects underway; developable land bank stood at 124.79m sq. ft.

Financial highlights

• Revenue Rs 5,658.15m vs Rs 4,168.61m; project revenue Rs 5,606.91m vs Rs 4,142.78m, while rental income was Rs 31.12m vs Rs 21.02m.

• Gross profit rose to Rs 2,539.46m from Rs 1,755.99m; operating profit reached Rs 2,074.74m vs Rs 1,335.59m.

• PBT increased to Rs 2,467.48m from Rs 1,463.39m; PAT was Rs 2,400.48m vs Rs 1,291.00m.

• Net finance income was Rs 98.19m vs net finance charges of Rs 12.27m, primarily reflecting mutual fund redemption income from IPO proceeds.

Outlook and guidance

• Plans included entering affordable housing while maintaining quality, expanding commercial projects, and pursuing allied businesses; new launches were planned in Coimbatore, Colombo, Cochin, Bangalore and Mysore.

• Growth investment in land acquisition, construction and development was expected to be funded through operating cash flows and borrowings; plans remained subject to interest rates, property prices and market conditions.