Ashish Puravankara, Joint. Managing Director,Puravankara Group, holds a Bachelor’s degree in Business Administration from Virginia State University. On completion of his Bachelor’s degree, Ashish was inducted into the Puravankara fold. After a hands-on, onsite experience of two years, he left for the US to pursue a Master's Degree in Business Administration from Willamette University in Salem, Oregon.He has been a director on the Puravankara Board since July 15, 2000 and currently heads entire country operations from Bangalore. Ashish Puravankara has been responsible for the identification of opportunities for the company in Bangalore, where the company has recently launched several projects.
Puravankara Projects Limited is one of the real estate development companies in India with a focus on developing residential and commercial properties. Its projects are primarily based in south India and has growing presence in other parts of India and has a business presence in select locations overseas. The company’s operations span all aspects of real estate development, from the identification and acquisition of land, to the planning and execution and marketing of its projects. The residential properties that it develops consist of apartment complexes, villas and townhouses. Its commercial projects include retail and office premises.
Replying to Yash Ved of IIFL, Ashish Puravankara says: "We are planning to launch 4.30mn square feet under Puravankara Brand across Chennai and Bengaluru."
Brief us about your current and upcoming projects?
We are planning to launch 4.30mn square feet (sft) under the Puravankara brand across Chennai and Bengaluru. These projects are in the final stages of receiving approval and will be launched by Q3, Q4 of FY12.
In addition to the above, we have lined up 10.32mn sft of new launches under our Provident brand across Bengaluru, Mangalore and Coimbatore. These launches are also in the final stages of receiving approval and will be launched by Q4 2012 / Q1 2013.
What about the hospitality space?
We are having preliminary discussions internally on hospitality and retail development.
What is the total area under development?
Ongoing projects being developed amount to 27.33mn sft of which 21.64mn sft is developed under Puravankara and the balance 5.69mn sft is being developed under the Provident brand.
Of the above 21.64mn sft, 20.82mn sft represents residential development under Puravankara brand and the balance of 0.82mn sft of Commercial / IT/ITES development.
Comment on your capex plans?
We have full-fledged infrastructural facility for construction. We are getting lot of land offers on Joint Development basis without entailing much capital outlay.
What is your revenue mix?
Up to June 30, 2011, Puravankara has been contributing to revenues of around 70% while the balance comes from Provident Housing.
This mix will get revised once new projects are launched by Provident.
How do you see price scenario in Bangalore?
Existing listed prices of residential projects across Bengaluru are still in the range of Rs. 3,500- Rs. 4,500 per sq. ft. With increasing input costs prices are bound to go up.
Are you in talks with PE players?
Funding is an integral part of any real estate development and Puravankara always evaluates opportunities for raising funds from the market and it includes discussions with PE players as well.
Which are your new projects for FY12?
Till Sept. 30, we had launched the following projects in the financial year 2011-12.
Purva Windermere – 4.13 Msft
Purva Bluemont – 1.8 Msft
Purva Midtown – 0.46 Msft
Are you expanding overseas? What percentage of revenue comes from overseas?
We have a sales office in Middle East catering to the demand for the NRI population. We are planning to open sales offices in Singapore and London as well.
We are in discussions for undertaking infrastructure work in the Middle East through one of our subsidiaries and are expected to commence work in the next few quarters.
Brief us about your financials?
The company has recorded an increase of 28% in its quarterly revenues. Revenue for the quarter ended Sept 2011 stands at Rs1,980mn as compared to Rs1,524mn for the corresponding quarter ended September 2010.
Consolidated revenues for the half year ended 30 September 2011 increased by 44% and stood at Rs3,884mn as compared to Rs2,705 mn. Net profits stood at Rs265mn for the quarter ended 30 September 2011
What is the current debt?
The net debt as at 31st March 2011 stood Rs 10.59bn compared to Rs 8.03bn on 31st March 2010.
What is your promoter holding?
Our promoter holding currently stands at 89.96%.