Puravankara soars 13% as it records highest-ever sales value in Q1FY24

Shares of Puravankara surged 13 per cent to Rs 106 on the BSE in Thursday's intra-day trade as the company achieved its highest-ever sale value of Rs 1,126 crore in the June quarter of financial year 2023-24 (Q1FY24).

The sale's value more than doubled, zooming 119 per cent year-on-year, from previous year's Q1 sales of Rs 513 crore. Further, sale value increased by 12 per cent, and collection increased by 5 per cent as against the previous quarter of Q4FY23.

"Customer collections from the real estate business increased to Rs 696 crore in Q1FY24 in comparison to the customer collection of Rs 458 crore in Q1FY23, implying a jump of 52 per cent YoY. Average price realization increased by 11 per cent to Rs 8,277/sq ft during Q1FY24 from 7,436/sq ft in Q1FY23," the company said in an exchange filing.

Puravanakar also launched one new project in Chennai caleed 'Purva Raagam' of 0.77 msft during the quarter. Total bookings volume grew 97 per cent YoY to 1.36 msft.

"With a strong pipeline of new launches, we are confident that we will continue to drive our pre-sales growth momentum. Our new launches are complemented by impressive sustenance sales achievements, supported by efficient and fast-paced execution leading to increased collections by 52 per cent on a YoY basis," said Ashish Puravankara, Managing Director of Puravankara. 

The real estate market has been witnessing exemplary growth over the past year. Factors such as the need for larger houses, rising incomes, job creation, and stable home loan rates have contributed to this demand. 

"As the industry places a growing emphasis on sustainability and green buildings, Puravankara stands uniquely positioned to reap the benefits due to our continuous efforts towards sustainability," Puravankara added.