Puravankara Limited saw its net profit jump to ₹22.55 crore in the third quarter of FY23, compared to ₹1.20 crore in the same quarter in FY22l.

Its net revenues for Q3 stood at ₹392.45 crore, an increase of 77 per cent compared to ₹221.34 crore in Q3 FY22.

Also read: Puravankara’s talks with private equity investors for commercial assets flounder

“We will continue to work towards expanding our market share, and we are excited to announce that in Q3FY23, the group has achieved increased revenue from projects by 77 per cent, increased collection from operations by 87 per cent from construction and delivery against the similar quarter in the previous year,” said Ashish Puravankara, Managing Director, Puravankara Limited.

He added, “This is supported by increased sales and new launches of over 4.11 msft in 9MFY23, with the last quarter of the current financial year adding another 2.17 msft. Our per sq. ft. of debt on under-construction areas has reduced by 49 per cent from ₹2,524 to ₹1,291 over the last four years.”

For Q3, the company announced ₹0.95, compared to ₹0.05 in Q3FY22. 

Also read: Puravankara sees flat QoQ sales growth in October-December