Bangalore-based developer Puravankara announced its financial results for the fourth quarter (Q4 FY23) ending March 31, 2023, and consolidated results for the financial year 2023 (FY23). The company has registered a total sales value of Rs 3,107 crore with a 29% increase in revenue. It reported Rs 1,007 crore in sales during Q4 FY23, witnessing a 21% YoY increase. Further, the collection rose by 57% YoY to Rs 2,258 crore in FY23. According to the official release, the average price realisation rose by 14% to Rs 7,768 per sqft in FY23 compared to 6,838 per sqft in FY22.
Ashish Puravankara, managing director, Puravankara, said, “This performance can primarily be attributed to new launches and continued progress in the execution of our ongoing projects. We are actively evaluating projects for acquisition across the geographies we operate in, with a special focus on the Mumbai Metropolitan Region (MMR) and Pune. Continued consolidation in the real estate industry, and reduced inventory levels to less than 12 months across the country, is indicative of the opportunity and of a long-term positive real estate cycle with increased prices and absorption amid limited supply.”
According to the consolidated FY23 financial performance as per IND-AS 115, revenue from projects grew by 29% YoY to Rs 1,236 crore. The EBITDA recorded was -30% YoY at Rs 442 crore while the Profit After Tax recorded was -57% YoY at Rs 63 crore in FY23. On the operational front, the total area sold stood at 4 msf, a rise of 14% YoY, while the total sales value rose by 29% YoY to Rs 3,107 crore. The sale realisation stood at Rs. 7,768 per sqft, witnessing a 14% YoY.
According to the release, the balance collections from sold units, including completed and ongoing, in launched projects was at Rs 2,967 crore. The total value of unsold inventory, including new launches, was Rs 11,232 crore in FY23. The total estimated surplus from all completed and ongoing projects was Rs 6,550 crore as on March 31, 2023.
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