Puravankara reports record-breaking sales of Rs 1,600 Crores, collections of Rs 879 Crores
Wednesday, 15 November 2023, 20:23 IST
Puravankara Limited, one of India’s most trusted and admired real estate developers, announced its financial results for the second quarter (Q2FY24) ending September 30, 2023. The company recorded sales of INR 1,600 crores, an increase of 102% Y-o-Y. Sales volume for the quarter stood at 2.01 msft, up by 89% Y-o-Y with a strong collection of INR 879 crores (+70% Y-o-Y). Average price realisation increased by 7% to INR 7,947/sq ft during the quarter, up from INR 7,396/sq ft in Q2FY23. Operating cash inflows for H1FY24 stood at INR 1,756 crores (+31% Y-o-Y), and revenue from projects stood at INR 368 crores (+54% Y-o-Y). The company launched one new project, Provident Ecopolitan (Bengaluru), and new phases for Purva Park Hill (Bengaluru) and Purva Windermere (Chennai), totaling 2.09 msft.
Commenting on the company’s performance, Ashish Puravankara, Managing Director, Puravankara Limited, said, “While the residential real estate industry grew by 6% on a Y-o-Y basis, Puravankara Group delivered a phenomenal performance in the second quarter resulting in an exponential increase of pre-sales by 102% Y-o-Y, driven by our strong brand and robust product portfolio. The collections grew by 70%, amounting to INR 879 crores on a Y-o-Y 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”.
Our total revenue from operations recognised, including other income for the H1FY24, is INR 717 crores by handing over 927 units with an area of 1.01 msft, which resulted in INR 130 crores Gross Profit. However, expenses related to sales and marketing costs for ongoing and new launches, along with G&A expenses of INR 168 crores incurred on account of planned growth, resulted in a net loss of INR 29 crores after tax in H1FY24.
Commenting on the company’s performance, Ashish Puravankara, Managing Director, Puravankara Limited, said, “While the residential real estate industry grew by 6% on a Y-o-Y basis, Puravankara Group delivered a phenomenal performance in the second quarter resulting in an exponential increase of pre-sales by 102% Y-o-Y, driven by our strong brand and robust product portfolio. The collections grew by 70%, amounting to INR 879 crores on a Y-o-Y 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”.
Our total revenue from operations recognised, including other income for the H1FY24, is INR 717 crores by handing over 927 units with an area of 1.01 msft, which resulted in INR 130 crores Gross Profit. However, expenses related to sales and marketing costs for ongoing and new launches, along with G&A expenses of INR 168 crores incurred on account of planned growth, resulted in a net loss of INR 29 crores after tax in H1FY24.
