Bengaluru-headquartered real estate company Puravankara reported a consolidated net loss of ₹6.71 crore in Q4 FY24 against ₹26.75 crore in Q4 FY23. The company also faced a decline of 33 per cent year-on-year (y-o-y) in consolidated net profit to ₹42 crore for FY24, compared to ₹66.52 crore in FY23. 

The total income from operations in FY24 rose by 60.6 per cent y-o-y to ₹2,260.10 crore from ₹1,406.99 crore in FY23. Additionally, in Q4 FY24, the total income from operations increased by 112 per cent y-o-y to ₹946.84 crore compared to ₹446.39 crore in Q4 FY23. 

Ashish Puravankara, Managing Director, Puravankara Ltd said, “For FY24, we achieved pre-sales of ₹5,914 crore, up by 90 per cent year-on-year, demonstrating our commitment to growth and trust of our customers. We launched 12 projects with a saleable area of 9.47 million square feet, reinforcing our expansion into high-potential micro-markets.”

“As of date, we have successfully secured redevelopment rights and have been appointed as the preferred developer for three redevelopment projects in Mumbai with a potential gross development value of ₹3,600 crore and are in advance discussions for more projects. This quarter’s financials reflect increased expenses for pre-sales and G&A towards new acquisitions along with geographic expansion towards future value creation,” he added. 

Additionally, Ebitda stood at ₹139 crore, up by over 30 per cent y-o-y and 15 per cent Ebitda margin. The net debt for the company in Q4 FY24 came to ₹2,151 crore with a net debt-to-equity ratio of 1.14. 

Sales rose to ₹1,947 crore in Q4 FY24 across 2.35 million square feet, with 93 per cent y-o-y growth. The operating cash inflows for FY24 stood at ₹3,948 crore, while net operating surplus was ₹513 crore.

(Inputs from bl intern Vidushi Nautiyal)