Puravankara Ltd FY21 sales bookings up 28% at Rs 2,202 crore

This came on the back of strong demand driven by low-interest rates on home loans amid the Covid-19 pandemic.

Bengaluru-based Puravankara Ltd has sold properties worth Rs 2,202 crore in 2020-21, up 28 per cent from the previous fiscal, following strong demand driven by low-interest rates on home loans amid the COVID-19 pandemic.

The company's sales bookings stood at Rs 1,714 crore in 2019-20.

"Despite FY21 being a year of pandemic and consequent lockdown; the strong brand positioning and recall of the group enabled us to increase our sales by 28 per cent to around Rs 2,200 crore. Ongoing projects along with new launches fuelled this growth," Puravankara Ltd said in an investors presentation.

Almost all sales bookings came from the residential segment, with a negligible contribution from commercial properties.

"We launched 6 new projects/phases to capitalise our brand in FY21- Provident Woodfield, Purva Atmosphere, Purva Aspire, Purva Promenade, Purva Emerald Bay and Purva Clermont. In Q4FY21 with Purva Clermont - we have entered the Mumbai market," the presentation said.

As per the presentation, the company is planning to launch 15 projects, comprising 14.51 million sq ft of developable area and 9.42 million sq ft of saleable area, over the next 12 months.

Recently, Puravankara Ltd reported a sharp jump in its consolidated net profit to Rs 8.75 crore for the quarter ended March. Its net profit stood at Rs 0.35 crore in the year-ago period.

Total income fell to Rs 339.39 crore in the fourth quarter of this fiscal from Rs 389.79 crore in the year-ago period.

Puravankara posted a net loss of Rs 4.67 crore in the last fiscal against a profit of Rs 88.35 crore in the preceding financial year. Total income halved to Rs 1,053.81 crore in 2020-21 from Rs 2,187.26 crore in the previous fiscal.

Its net debt stood at Rs 2,299 crore at the end of the last fiscal, down from Rs 2,536 crore as of March 31, 2020.

Despite the pandemic, most of the large listed players as well as some branded unlisted players having a good track record of execution of project have witnessed an increase in their sales bookings during the last fiscal.

Godrej Properties has become the country's largest listed real estate developer in terms of sales bookings during the last fiscal, as it clocked a record pre-sales of Rs 6,725 crore, up 14 per cent from Rs 5,915 crore in 2019-20.

Macrotech Developers, erstwhile Lodha Developers, reported a 9 per cent decline in its sales bookings at Rs 5,968 crore in FY21 as against Rs 6,570 crore in the previous financial year.

Delhi-based DLF, the country's largest developer in terms of market cap, has reported sales bookings of Rs 3,084 crore during the last fiscal, up 24 per cent from the previous year.

Among large developers from Bengaluru, Prestige Estates Projects sales bookings rose 20 per cent year-on-year to a record of Rs 5,460.8 crore in the last fiscal year.

Sobha's sales bookings grew 9 per cent to Rs 3,137.2 crore in FY21 from Rs 2,880.6 crore in the previous year.

Brigade Enterprises' sales bookings surged to Rs 2,767 crore in the last fiscal from Rs 2,377 crore during 2019-20.