Puravankara shares gained over 33% this week, biggest weekly jump since Nov 2017; here's why

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Puravankara, a leading real estate developer in India, witnessed a surge in its share price, hitting the 10% upper circuit during today's trading session at ₹324.30 per share. This week marked a remarkable rally, recording a 33.68% gain, the largest weekly increase since November 2017.

The upward momentum began following the release of the Puravankara business update for Q4 FY24 and FY24, highlighting its record-breaking performance in FY24. The company achieved its highest-ever collections, totaling ₹5,914 crore, marking a substantial 90% increase from the previous fiscal year's ₹3,107 crore.

Also Read: TCS Q4 Results: Company reports net profit at ₹12,434 crore, revenue at ₹61,237 crore Furthermore, Puravankara reported its highest-ever annual customer collections from the real estate segment, amounting to ₹3,609 crore in FY24, a notable 60% increase year-on-year compared to ₹2,258 crore in FY23. In Q4FY24, the company achieved its highest-ever quarterly sales value of ₹1,947 crore, marking a significant 93% increase compared to Q4FY23's ₹1,007 crore.

Also Read: Multibagger Godrej Properties- 4 key reasons why Jefferies sees more than 18% upside for the stock As of December 31, 2023, Puravankara has successfully completed 83 projects spanning approximately 48 million sq ft across nine cities, including Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa. The company's total land bank stands at around 41 million sq ft, with ongoing projects totaling approximately 29 million sq ft, as per the company's exchange filing.

In addition to the robust growth witnessed in FY24, the upward trajectory of the stock was further bolstered by Yes Securities' positive outlook on the company. The brokerage