Puravankara records highest ever sales value since inception, at Rs 1,126 crore in Q1

economictimes.indiatimes.com:

Puravankara Limited has recorded the highest ever sale value of Rs 1,126 crores, up 119%, for any quarter in the Q1 of the current fiscal and since inception, the company said in its quarterly operational update. “Our unwavering dedication to growth and our ongoing efforts to capture a larger market share has resulted in the highest-ever Q1 sales in the company's history. This is a remarkable achievement.

This quarter pre-sales has more than doubled (119% growth on a Y-o-Y basis) vs Q1FY23,” said Ashish Puravankara, MD, Puravankara. Customer collections from the real estate business increased to Rs 696 crore in Q1 FY24 in comparison to Rs 458 Crore in Q1 FY23 “With a strong pipeline of new launches, we are confident that we will continue to drive our pre-sales growth momentum. Our new launches are complemented by impressive sustenance sales achievements, supported by efficient and fast-paced execution leading to increased collections by 52% on a Y-o-Y basis,” said Puravankara.

The average price realization increased by 11% to Rs 8,277 per sqft during Q1 FY24 from 7,436 per sqft in Q1 FY 23. The company sales value also increased by 12% when compared to the immediate previous quarter Q4FY23. “The continuous improvement in business performance and cash flows will give the company a fillip to steer incremental growth through new acquisitions in line with our future goals,” he said.