New Delhi, May 27 (PTI) Realty firm Puravankara Ltd on Friday reported a consolidated net loss of Rs 20.06 crore for the quarter ended March on lower income.

The company had posted a net profit of Rs 9.06 crore in the year-ago period.

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Total income also fell to Rs 320.12 crore in the period under review from Rs 340.44 crore in the corresponding period of the previous year.

For 2021-22, the company's net profit stood at Rs 147.06 crore. It had a net loss of Rs 3.94 crore in the preceding fiscal.

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Total income increased to Rs 1,381.65 crore in FY22. The same stood at Rs 1,056.57 crore a year ago.

"Despite the ongoing challenges, the real estate sector has bounced back strongly on the back of India's economic revival. The residential market has witnessed a sharp recovery in sales momentum and the trend has continued even in Q4 of FY22," Ashish R Puravankara, Managing Director of Puravankara Ltd, said.

"There has been a good amount of pent-up demand generated over the past 2 years, which is now unlocking. This is supported by lower interest rates, rising income, affordable prices, and renewed buyer confidence," he added.

Ashish highlighted that the company achieved its best-ever annual sales of Rs 2,407 crore during the last fiscal year.

"...with the new launches planned in the coming quarters, we are in a good position to leverage the growth momentum. We are confident and positive as we work towards achieving sustained growth going forward," he said.

Puravankara CEO Abhishek Kapoor said the company posted net loss in the fourth quarter of last fiscal due to lower deliveries.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)