The sale value of Puravankara grew to Rs. 1,304 crore for H1, which is 43% higher than Rs. 910 crore sales value during a similar period last fiscal year. In terms of volume, the company sold 1,329 units with an area of 1.75 msft for the half-year period compared to 926 units, an area of 1.33 mn sft during H1 of the last financial year.
The sale realisations improved to Rs. 7454 per sq. ft. from Rs. 6845 per sq. ft. last year, which is an improvement of 9%. The customer collections during H1 FY23 stood at Rs 925 crore, which was Rs 620 crore for a similar period last financial year; implying an increase of almost 50%.
In terms of the financial performance, for the half year the total revenue from operations stood at Rs 550 crore, compared to Rs 815 crore for a similar period the previous year.
EBITDA stood at Rs. 197 crore compared to Rs 489 crore for the previous year. Total comprehensive income for the half year stood at Rs 14 crore compared to a total comprehensive income of Rs 166 crore during the last year for a similar period.
Puravankara had registered the highest-ever second-quarter sales of Rs 791 crore for the quarter, which is 33% higher than 597 crore in a similar quarter year ago.
In an exclusive interview, Abhishek Kapoor, CEO of Puravankara, said,”What is the value of a real estate? If you look at this quarter number compared to the last quarter number then my delivery is lesser. But next quarter again you will see a swing because next quarter and next to next quarter we have delivery in the pipeline. This year so far we have delivered 600 units but in the next two quarters we will deliver more than double; about 1500 units. So, that will factor in our revenue realisation. What is relevant for our business is our sales number & pre-sales number that has gone up to Rs 1,300 crore for the first half of the year. It is all about the new accounting norms (IND AS 115), says Kapoor.
The developer has sold 776 units with an area of 1.07 mn sft during the quarter that is18% higher than the 0.91 mn sft area, of 630 units sold during a similar quarter a year ago.
The performance in ongoing projects continues to look encouraging, with around 90% of the sales booking coming from ongoing projects during the quarter.
The developer collected Rs. 518 crore from residential sales during the quarter, which is 52.% higher than Rs.341 crore collection for the similar a year ago.
The consolidated operating inflows stood at Rs 678 crore, which was Rs 383 crore in Q2 FY22, implying an increase of 77%. The operating outflows also doubled from Rs 300 crore in Q2 FY22 to Rs 579 crore in Q2 FY23. The company claims this reflects the spent on ongoing projects.
The consolidated revenue for Q2 FY23 was Rs 253 crores. EBITDA for the quarter was Rs. 58 crores implying an EBITDA margin of 23%. The total comprehensive loss for the quarter was Rs. 21 crore.
(The writer is CEO, Track2Realty)