May 23, 2024: Real estate developer Puravankara today announced its financial results for the fourth quarter (Q4 FY24) ending March 31, 2024, and consolidated results for FY24. The company’s sales soared to Rs 1,947 crore in Q4 FY24, showcasing a 93% YoY growth. Sales volume for the quarter stood at 2.35 million square foot (msf), up by 94% YoY. The collection in the quarter grew by 66% YoY to Rs 1,094 crore while the total revenue for was Rs 947 crore, up by 112% YoY.
For FY24, sales stood at Rs 5,914 crore, a 90% YoY increase. The sales volume increased by 84% to 7.36 msf with Rs 3,609 crore in collections, up by 60% YoY. Total revenue increased by 61% YoY to Rs 2,260 crore. Operating cash inflows for FY24 stood at Rs 3,948 crore, up by 41%, while net operating surplus was Rs 513 crore, marking an increase of 598% YoY.
The company has incurred expenses for marketing and sales to increase pre-sales by 90% and towards General and Administrative (G&A) costs for new acquisitions in new geographies, which is reflected in the P&L.
Ashish Puravankara, managing director, Puravankara, said, “For FY24, we achieved pre-sales of Rs 5,914 crores, up by 90% YoY, demonstrating our commitment to growth and trust of our customers. We launched 12 projects with a saleable area of 9.47 msf, reinforcing our expansion into high-potential micro-markets. As of date, we have successfully secured redevelopment rights and have been appointed as the preferred developer for three redevelopment projects in Mumbai with a potential gross development value of Rs 3,600 crore and are in advance discussions for more projects.”
“We are happy to announce that we have successfully returned investments of IFC and ASK amounting to Rs 410 crore. In line with our growth plans, to replenish our land bank, we have deployed Rs 300 crore of land advances from internal accruals and debt, showcasing our successful generation of project surpluses and deployment thereof. This quarter’s financials reflect increased expenses for pre-sales and G&A towards new acquisitions along with geographic expansion towards future value creation,” Puravankara added.
As of March 31, 2024, the total estimated surplus from all completed and ongoing projects is Rs 7,455 crore. The estimated surplus from commercial projects stood at Rs 1,356 crore. The estimated surplus from the launch pipeline stood at Rs 2,696 crore while the total estimated surplus stood at Rs 11,507 crore. The company’s net debt stood at Rs 2,151 crore, and the net debt-to-equity ratio stood at 1.14 for Q4 FY24. The weighted average cost of debt stood at 11.59% as of March 31, 2024.
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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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