Puravankara sales up 23% at Rs 1,003 cr in first half this fiscal

Realty firm Puravankara Ltd's sales bookings rose by 27 per cent to Rs 1,003 crore in the first six months of this fiscal on better volumes in affordable housing segment.

According to an investors presentation, Bengaluru-based developer sold 1.7 million Square feet area during April-September period this fiscal, up 23 per cent from 1.38 million square feet in the corresponding period previous year.

In value terms, sales bookings rose to Rs 1,003 crore from Rs 790 crore during the period under review.

During the first six months of this fiscal, the company sold 1,753 units, out of which 1,418 units were from its mid-income and affordable housing brand 'Provident'.

On the debt side, Puravankara's net debt rose to Rs 2,457 crore at the end of September quarter from Rs 2,302 crore as on June 30, 2018. Its cost of debt is 11 per cent.

The company recently reported a flat net profit at Rs 21.54 crore for the quarter ended September, compared to Rs 21.14 crore in the year-ago period.

Total income rose to Rs 499.28 crore during quarter from Rs 371.53 crore in the corresponding period of the previous year.

On quarterly performance, Ashish R Puravankara, MD, Puravankara Ltd, said: "A great quarter with a good rise in sales volume and bookings. The overall volumes sold during the quarter registered almost a 100 per cent increase from the year-ago quarter".

Puravankara has completed 67 residential projects and commercial projects, spanning 37.35 million Sq ft, primarily across the gateway cities of south and west India.

At present, the company has an area under development totalling 22.31 million Sq ft. It has a land bank of nearly 70 million Sq ft.

Puravankara has a pan India presence- with projects in Bengaluru, Chennai, Hyderabad, Pune, Mumbai, Kochi, Goa, Kolkata, Coimbatore, Mangalore.

It operates under two key brands: Puravankara for luxury housing and commercial offices, Provident for the affordable luxury segment.