Bengaluru-based real estate developer Puravankara Limited reported a net profit of ₹26.71 crore in the fourth quarter of FY23, compared to a loss of ₹20.06 crore in the same quarter last year.
Its net revenues grew 31.4 per cent to ₹389 crore, against ₹296 crore in Q4 of FY22. For the entire year, revenues stood at ₹1,236 crore, an increase of 29 per cent over ₹955 crore in FY22. However, PAT for FY23 contracted 55 per cent to ₹ 66.49 crore, against ₹147.56 crore.
“In FY23, we achieved the highest ever sales revenue of ₹3,107 crore. This strong performance can primarily be attributed to new launches and continued progress in the execution of our ongoing projects, also resulting in strong collections of ₹ 2,258 crore,” said Ashish Puravankara, Managing Director, Puravankara Limited.
The company is evaluating projects for acquisition across the geographies it operates in, with a special focus on the Mumbai Metropolitan Region (MMR) and Pune.
“Continued consolidation in the real estate industry and reduced inventory levels to less than 12 months across the country are indicative of the opportunity and of a long-term positive real estate cycle with increased prices and absorption amid limited supply,” explained the MD.
It is confident in its ability to generate profitable growth for the current year and the following year. The management does not anticipate any significant risk that could slow the momentum of demand, according to a company statement.
Its net debt stood at ₹2,208 crore, and its net debt-to-equity ratio stood at 1.11 for Q4 FY23. The weighted average cost of debt was 11.31 per cent as of March 31, 2023.