Puravankara Ltd plans majority of new launches under Provident brand despite its 42% lower sales in last fiscal

New Delhi: Bengaluru-headquartered realty firm Puravankara Ltd will continue its focus on ‘Provident’ brand in the future with majority of the new launches planned under this brand despite far lower sales of the Provident branded properties in the last fiscal.

The real estate company has Puravanka and Provident brands and the latter is positioned as ‘Premium Affordable Housing’. While the sales of Puravankara branded properties registered 17 percent jump in the total area sold in the last fiscal, the Provident branded apartments witnessed massive 42 percent decline. Yet, company’s three-fourths new launch will be accounted for by Provident brand.

The total sales of Puravanaka branded properties were 1.52 million square feet in 2019-20 fiscal as compared to 1.29 million square feet in the previous fiscal. On the other hand, the sales of Provident branded flats totalled 1.31 million square feet in the last financial year as compared to 2.26 million square feet in the previous year.

The company has lined up 2.49 million square feet of saleable area under the Puravankara brand and 6.26 million square feet under the provident brand in the next few quarters. The new Provident properties planned will come up in Cochin, Mumbai, Pune, Bengaluru and Chennai, the company said in its investor presentation.

Puravankara Ltd’s net profit fell 99 percent to Rs 0.35 crore in the fourth quarter of the fiscal 2019-20 as compared to the same quarter of the previous fiscal. Its net profit tanked 22 percent to Rs 88 crore for the entire fiscal 2019-20 as compared to the previous fiscal.