Puravankara Q4 Results: Loss narrows to Rs 7 crore YoY; revenue shoots up 112% YoY
Puravankara Limited, a Bengaluru-based real estate development firm, has achieved pre-sales of Rs 5,914 crore, up by 90% year-on- year for FY24, driven by new launches and home buyers’ demand.
The firm has launched 12 projects with a saleable area of 9.47 million square feet, reinforcing its expansion into high- potential micro-markets for the fourth quarter (Q4FY24) ending March 31, 2024.
The total estimated surplus from the launch pipeline ongoing and completed projects stood at Rs 11,507 crores for the full year.
“ 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 3600 crore s and are in advanced discussions for more projects,” said Ashish Puravankara, Managing Director, Puravankara Limited.
The firm has reported a loss of Rs 7 crore for the fourth quarter of FY24, a decrease of 124% year-on-year (y-o-y). However, net revenue saw an increase of 112% to Rs 947 crore for the quarter ended March FY24 compared to the corresponding quarter last year.
“This quarter's financials reflect increased expenses for pre- sales and G&A towards new acquisitions along with geographic expansion towards future value creation,” said Abhishek Kapoor CEO Puravankara.
For the quarter ended March 2024, the company’s sales increased to Rs 1,947 crore, a 93 per cent y-o-y growth. Sales volume for the quarter stood at 2.35 msft, over 94 percent y-o-y jump, with a strong collection of
