Bengaluru-based real estate company Puravankara reported a profit of ₹78 crore for the quarter ended December 2023, marking a y-o-y increase of 266 per cent compared to ₹22.55 crore for the same quarter last year.

Its revenue from operations grew by 46 per cent to ₹573.70 crore from ₹392.45 crore in the same quarter of last year.

On a sequential basis, revenue from operations increased by 55 per cent. While net profit significantly increased as the company posted a loss of ₹11 crore in Q2.

EBITDA for the quarter stood at ₹218 crore, marking a growth of 71 per cent y-o-y.

The company’s sales increased by 56 per cent to ₹1,241 crore, and sales volume for the quarter grew 60 per cent y-o-y at 1.63 million sq ft, with collection at ₹941 crore. Operating cash inflows for ninemonths FY24 increased by 35 per cent y-o-y to ₹2,826 crore.

The company launched two new projects, Provident Deansgate in Bengaluru and Purva Soukhyam in Chennai and one new phase for Parkhill in Bengaluru.

Ashish Puravankara, Managing Director, Puravankara Limited, said, “Our pre-sales reached ₹3,967 crore 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. 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 ₹1,500 crore. We are actively pursuing 12 opportunities and are shortlisted with advance discussions ongoing with four societies.”

The net debt of the company stood at ₹1,741 crore, reduced by ₹251 crore from the previous quarter and the net debt-to-equity ratio stood at 0.85 for Q3FY24.

Related Topics
comment COMMENT NOW