Puravankara records new peak in residential sales
development firm, Puravankara Limited, recorded over 119% growth in sales to Rs. 1,126 crores for the first quarter of FY24 as compared to the same period last year. The company also more than doubled its presales and achieved a new peak in sales volume to 64,500 units, with strong demand from home buyers.
The firm achieved its highest-ever sales volume since 2008. Sales volume for the quarter stood at 1.36 msft, up by 97% y-o-y, with a strong collection of Rs. 696 crores, up 52% in Q1 FY24.
Average price realisation increased by 11% to Rs. 8,227 per sq ft during the quarter, up from Rs. 7,436 per sq ft in Q1FY23.
“The results for Q1FY24 show a strong start to the new fiscal year. Pre-sales have more than doubled vs Q1FY23. With a robust pipeline of 15 million square feet of new launches this year, we are confident of continuing to drive our pre-sales growth momentum,” said Ashish Puravankara, Managing Director, Puravankara Limited.
Puravankara reported a revenue of Rs 323 crore, up 50% y-o-y for the first quarter of the current fiscal year, with EBIDTA of Rs 75 crore. However, it reported a net loss of Rs 17 crore in the first quarter of FY24, compared to a profit of Rs 35 crore in Q1 FY23 due to regulatory approval delay for its projects. “We are actively pursuing potential acquisitions across regions in all our product categories, in line with our growth plans for the upcoming financial years,” said Puravankara.
The company’s operating cash inflows stood at Rs. 866, up over 30% y-o-y, with revenue from projects at Rs. 323 crores, up over 50% y-o-y for Q1FY24.
The company’s total value of unsold inventory, including new launches in Q1FY24, stood at Rs. 5,528 crores. The total estimated surplus from all completed and
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