Real estate company Puravankara Projects saw a 15 per cent decrease in its consolidated net profits, to Rs 31.14 crore (Rs 36.69 crore) in the quarter ended 30 June 2011.
The company's revenues however grew 64 per cent to Rs 190.45 crore (Rs 116.29 crore).
In a BSE listing, Purvankara said it plans to launch a new luxury residential project in Bangalore totalling 1.08 million square feet and expects Rs 500 crore in revenue from this project.
Approvals for another 6 million square feet are expected to be obtained across key locations in Chennai and Bangalore for projects under Puravankara brand. Six projects totalling 12 million square feet will be launched post approvals across Bangalore, Mangalore and Coimbatore under the Provident brand, the company said.
It is well positioned to capitalize on the available opportunities and address the demand by expansion and through new launches under the Puravankara and Provident brands, Mr. Ravi Puravankara, Chairman and Managing Director, said .