Q3FY24 Quarterly Result Announced for Puravankara Ltd.
Realty company Puravankara announced Q3FY24 results: Financial Highlights: - Profit: Reported a profit of Rs 78 crores in Q3 FY24, representing a year-on-year increase of 266%. - Revenue: Revenue from operations was Rs 596 crores, up by 45% compared to the same period in the previous year. - Sales: Sales value reached Rs 1,241 crores, reflecting a 56% increase year-on-year, and sales volume stood at 1.63 million square feet, which is a 60% increase from the prior year. - Collections: The company collected Rs 941 crores, marking a 52% year-over-year gain. - Debt Reduction: Reduced net debt by Rs 251 crores from the previous quarter, bringing the net debt-to-equity ratio to 0.85 in Q3FY24. - Cash Flows: Operating cash inflows for the 9 months ending FY24 stood at Rs 2,826 crores, a 35% increase year-on-year. The balance collections from sold units were Rs 3,857 crores, and the total estimated surplus from all completed and ongoing projects was Rs 6,747 crores. - Sales Realisation: The sales realisation rate was Rs 7,610 per square foot, a slight 2% decrease year-on-year. Operational Highlights: - New Project Launches: Two new projects - Provident Deansgate in Bengaluru and Purva Soukhyam in Chennai - plus a new phase for Parkhill in Bengaluru were launched. - Unsold Inventory: As of the end of Q3 FY24, the total value of unsold inventory stood at Rs 5,617 crores. Commenting on the company’s performance, Ashish Puravankara, Managing Director, Puravankara, said, "The results declared for Q3FY24 and 9MFY24 marks a significant milestone in our operational journey. Our total revenue increased by 45 per cent to INR 596 crores. Our net profit for the quarter stood at 78 crores, up by 266 per cent year on year. Our pre-sales reached Rs 3,967 crores in 9MFY24, demonstrating our consistent growth and effective expansion strategy. The notable 52 per cent Y-o-Y increase in collections highlights our commitment to operational efficiency and customer satisfaction. Complementing our operational success, we have also reduced our net debt by Rs 251 crores significantly improving collections and cash balance. The company is well poised for investments in new acquisitions across regions, with increased liquidity and cash flows enhancing the growth momentum. We are excited and encouraged with our foray into the Mumbai redevelopment market with our first project of approximately 6 lakh sq ft and a potential GDV of Rs 1,500 crores. We are actively pursuing 12 opportunities and are shortlisted with advance discussions ongoing with four societies.” Result PDF23-01-2024