Puravankara gains as customer collections climb 39% YoY in Q1

Puravankara gained 2.26% to Rs 480.90 after the company's customer collections jumped 39% to Rs 965 crore in Q1 FY25 from Rs 696 crore posted in Q1 FY24.

The realtors sales value stood at Rs 1,128 crore in Q1 FY25 in sustenance, marginally up from Rs 1,126 crore posted in same quarter last year, while the planned launches were deferred to Q2 FY25, stated the company.

The average price realisation increased by 6% to Rs 8,746 per sft during Q1 FY25 from Rs 8,277/sft in corresponding quarter previous year.

Further, the real estate developer said it has acquired a 12.77 acre land parcel at Ghodbunder Road in Thane, MMR with a total potential carpet area of 1.82 msft, a 7.26 acre land parcel at Electronics City (Hebbagodi) in Bengaluru with a potential carpet area of 0.60 msft along with the landowner share of 0.83 msft saleable area in three projects by provident in Goa and Bengaluru.

Ashish Puravankara, managing director of Puravankara, said, We remain focused on replenishing our land bank and have added 3.25 msft in this quarter, comprising of a 7.26-acre land parcel in Bengaluru, a 12.77 acre land parcel in Ghodbunder road, Thane and have also bought out the landowner share of 0.83 msft in three projects by Provident in Goa and Bengaluru. This quarter, we have achieved collections of Rs 965 crores and pre-sales of Rs 1,128 crores from sustenance sales. We will continue to focus on ensuring our planned launches for FY25.

The Puravankara Group is involved in real estate development, with residential assets constituting most of its portfolio. It is present in both the premium and the affordable housing segments under the brandsurva and Provident, respectively. The Group has major operations in Bangalore, with considerable presence in Chennai, Kochi and Hyderabad, apart from Pune.

The company reported consolidated net loss of Rs 6.59 crore in Q4 FY24 as compared with net profit of Rs 26.66 crore posted in Q4 FY23. Revenue from operations zoomed 136.5% year on year (YoY) to Rs 919.97 crore in the quarter ended 31 March 2024.

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