Puravankara rallies as sales value soars 93% YoY in Q4; volume at 2.34 msft

Puravankara advanced 3.62% to Rs 239.25 after the company's sale value surged 93% to Rs 1,947 crore in Q4 FY24 from Rs 1,007 crore posted in Q4 FY23.

Bookings volume soared 93% YoY to 2.34 million square feet (msft) while realization declined marginally to Rs 8,320 per square feet in Q4 FY24.

Puravankara said that it has achieved the highest ever annual sale value of Rs 5,914 crore in FY24, up 90% as compared to Rs 3,107 crore recorded in FY23.

The firm said that it has achieved highest-ever annual customer collections from the real estate business, which increased 60% to Rs 3,609 crore in FY24 compared to Rs 2,258 crore in FY23.

Average price realisation increased by 2% to Rs 7,916/sft during FY24 from Rs 7,768/sft in FY23, attributing to an inventory mix between Purva, Provident Housing and Purva Land brands.

Ashish Puravankara, MD of the company, said, We are also thrilled to announce our highest-ever collection of Rs 3,609 crore for FY24. This reflects our steadfast dedication to operations and delivery, ensuring significant construction progress. With successful new launches and an optimistic outlook for upcoming projects, we are now focused on replenishing our inventory with new land acquisitions. We stay committed to building international quality products, keeping the customer at the centre of our strategy.

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 brandsPurva and Provident, respectively. The Group has major operations in Bangalore, with considerable presence in Chennai, Kochi and Hyderabad, apart from Pune.

The company reported a net profit of Rs 77.92 crore in Q3 FY24, steeply higher than Rs 22.53 crore recorded in Q3 FY23. Revenue from operations jumped 46.18% to Rs 573.70 crore in the third quarter of FY24 from Rs 392.45 crore posted in Q3 FY23.

Powered by Capital Market - Live News