Real estate developer Puravankara Limited has recorded the highest ever sale value of Rs 796 crore for the third quarter of any financial year since inception, as per the financial results announced for the Q3FY23.
The area sold by the developer during Q3FY23 was 1.02 msft (3% YoY). The sales value stood at Rs 796 crore (+20% YoY) while sales realisation was at Rs 7,767 per sq ft (15%y oy).
The net revenues recorded by the developer saw an increase of 67% YoY and stood at Rs 410 crore. The EBITDA registered growth of 51% YoY at Rs 128 crore. The profit after tax (PAT) stood at Rs 21 crore, witnessing 1,213% YoY growth.
In terms of cash flows as on December 31, 2022, the developer recorded balance collections of Rs 2,643 crore from sold units (completed + ongoing) in all launched projects. The total estimated value of unsold inventory open for sale was at Rs 5,641 crore. The total estimated pending project cost to be incurred stood at Rs 3,517 crore. The developer recorded Rs 12,582 crore of total balance estimated collection from sold and unsold inventory, including not open for sale. The total estimated surplus after construction cost and contingency is Rs 6,774 crore.
As per the report, the overall net debt reduced by Rs 109 crore from Rs 2,144 crore, as of Q2 FY23 through operations, while debt increased by Rs 100 crore in Q3 FY23 owing to land acquisition resulting into overall net debt of Rs 2,135 crore. The cost of debt for the group witnessed an increase by only 67 bps even while the repo rate increased over a 12-month period by 225 bps. The weighted average cost of debt was at 11.18%, as of December 31, 2022. The net debt to equity ratio was at 1.09 for Q3 FY23.
Ashish Puravankara, managing director, Puravankara Ltd said, “We have recorded the highest ever sales booking of Rs 2,100 crore in 9MFY23.”
He further added, “We will continue to work towards expanding our market share and we are excited to announce that in Q3FY23 the group has achieved increased revenue from projects by 77%, increased collection from operations by 87% from construction and delivery against the similar quarter in the previous year. This is supported by increased sales and new launches of over 4.11 msft in 9MFY23 with the last quarter of the current financial year adding another 2.17 msft. Our per sq ft of debt on under construction area has reduced by 49% from Rs 2,524 to Rs 1,291 over the last four years.”
Harini is a content management professional with over 12 years of experience. She has contributed articles for various domains, including real estate, finance, health and travel insurance and e-governance. She has in-depth experience in writing well-researched articles on property trends, infrastructure, taxation, real estate projects and related topics. A Bachelor of Science with Honours in Physics, Harini prefers reading motivational books and keeping abreast of the latest developments in the real estate sector.
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