January 24, 2024: Real estate developer Puravankara yesterday announced its financial results for the third quarter (Q3) of financial year 2023-24 (FY24) ending December 31, 2023. The company recorded a profit of Rs 78 crore in Q3 FY24, up by 266% YoY. Sales during the quarter increased by 56% YoY to Rs 1,241 crore. Sales volume for the quarter stood at 1.63 million square foot (msf), marking an increase of 60% YoY. Moreover, the company achieved a strong collection of Rs 941 crore, up by 52% YoY.
During the first nine months of this financial year (9M FY24), operating cash inflows stood at Rs 2,826 crore, rising 35% as compared to the same time previous year. The revenue from operations during 9M FY24 stood at Rs 596 crore, up by 45% YoY. Operating surplus for these nine months rose by 101% YoY to Rs 965 crore. The company launched two new projects, Provident Deansgate in Bangalore and Purva Soukhyam in Chennai and one new phase for Parkhill in Bangalore.
Ashish Puravankara, managing director, Puravankara, said, “The results declared for Q3 FY24 and 9M FY24 mark a significant milestone in our operational journey. Our total revenue increased by 45% to Rs 596 crore. Our net profit for the quarter stood at rs 78 crore, up by 266% YoY. Our pre-sales reached Rs 3,967 crore in 9M FY24, demonstrating our consistent growth and effective expansion strategy. The notable 52% YoY increase in collections highlights our commitment to operational efficiency and customer satisfaction.”
“Complementing our operational success, we have also reduced our net debt by Rs 251 crore with significantly improving collections and cash balance. The company is well poised for investments in new acquisitions across regions, with increased liquidity and cash flows enhancing the growth momentum. We are excited and encouraged with our foray into the Mumbai redevelopment market with our first project of approximately 6 lakh square foot and a potential GDV of Rs 1,500 crore. We are actively pursuing 12 opportunities and are shortlisted with advance discussions ongoing with four societies,” added Purvankara.
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Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
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