Real estate developer Puravankara announced its financial results for the second quarter of the financial year 2023-24 (Q2FY24) ending September 30, 2023. During these three months, the company recorded sales of Rs 1,600 crore, marking an increase of 102% YoY. Sales volume for the quarter stood at 2.01 million square foot (msf), up by 89% YoY. Puravankara also achieved a collection of Rs 879 crore, up by 70% YoY. The company’s average price realisation increased by 7% YoY to Rs 7,947/sqft during the quarter, up from Rs 7,396/sqft in Q2 FY23.
Operating cash inflows for the first half of this financial year (H1 FY24) stood at Rs 1,756 crore and revenue from projects stood at Rs 368 crore, up by 31% YoY and 54% YoY respectively. During these six months, the company launched one new project, Provident Ecopolitan, in Bangalore and new phases for Purva Park Hill in Bangalore and Purva Windermere in Chennai, totaling 2.09 msf.
Purvankara’s total revenue from operations recognised, including other income for the H1 FY24, stood at Rs 717 crore. It handed over 927 units totalling 1.01 msf, which resulted in a gross profit of Rs 130 crore. However, expenses related to sales and marketing costs for ongoing and new launches, along with G&A expenses of Rs 168 crore incurred on account of planned growth, resulted in a net loss of Rs 29 crore after tax in H1 FY24. The company has planned to deliver approximately 2,500 units spanning approximately 2.5 msf in H2 FY24.
Ashish Puravankara, managing director, Puravankara, said, “While the residential real estate industry grew by 6% on a YoY basis, Puravankara Group delivered a phenomenal performance in the second quarter, resulting in an exponential increase of pre-sales by 102% YoY, driven by our strong brand and robust product portfolio. The collections grew by 70%, amounting to Rs 879 crores on a YoY basis, a testimony to the company’s strong execution capabilities, commitment to customer satisfaction and demand for high-quality products. We remain confident in maintaining our growth momentum in the coming quarters. With a robust pipeline of new launches, we are well-positioned to occupy a higher market share.”
As of September 30, 2023, Purvankara’s balance collections from sold units in all launched projects stood at Rs 3,636 crore. The total value of unsold inventory, including new launches in Q2 FY24, stood at Rs 5,581 crore and the total estimated surplus from all completed and ongoing projects is Rs 6,455 crore. The company’s net debt stood at Rs 1,992 crore, and the net debt-to-equity ratio stood at 1.01 for Q2 FY24. The weighted average cost of debt stood at 11.61% as of September 30, 2023.
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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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