Puravankara announced that ICRA has reaffirmed the previous rating andassigned a long-term rating of [ICRA] BBB+ and outlook has been revised to Stable from Positive and has maintained the previous short-term rating of [ICRA] A2 for Rs.3,000 crore bank facilities of Puravankara.

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Puravankara has reaffirmed the previous rating and assigned a long-term rating of [ICRA] BBB+ and outlook has been revised from Stable to Positive and has maintained the previous short-term rating of [ICRA] A2 for Rs.3,000 crore bank facilities of Puravankara.

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Net profit of Puravankara declined 99.10% to Rs 0.35 crore in the quarter ended March 2020 as against Rs 38.78 crore during the previous quarter ended March 2019. Sales declined 42.81% to Rs 369.52 crore in the quarter ended March 2020 as against Rs 646.09 crore during the previous quarter ended March 2019.

For the full year,net profit declined 22.74% to Rs 88.35 crore in the year ended March 2020 as against Rs 114.35 crore during the previous year ended March 2019. Sales rose 3.80% to Rs 2128.37 crore in the year ended March 2020 as against Rs 2050.49 crore during the previous year ended March 2019.

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Puravankara will hold a meeting of the Board of Directors of the Company on 26 June 2020.

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