Real estate firm Puravankara has reported the sales value of ₹2,407 crore and has recorded a net profit of ₹146 crore for FY22. The total area sold stood at 3.52 million sq ft, up by 3 per cent. The operating inflows during the year was ₹2,231 crore, up by 73 per cent, and the sales realisation was at 6,834 per sq ft, up by 6 per cent.
Ashish R Puravankara, Managing Director, said, “The residential market has witnessed a sharp recovery in sales momentum and the trend has continued even in Q4 FY22. There has been a good amount of pent-up demand generated over the past two years, which is now unlocking.” The demand is supported by lower interest rates, rising income, affordable prices, and renewed buyer confidence, he added.
The company recorded consolidated revenue of ₹1,381 crore up by 31 per cent and earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at ₹638 crore up by 69 per cent with margins of 46 per cent. The net debt came down by 20 per cent from ₹2,299 crore last year.
Puravankara said, “With the new launches planned in the coming quarters, we are in a good position to leverage the growth momentum. We are confident and positive as we work towards achieving sustained growth going forward.” The credit rating agency ICRA has upgraded the long-term rating to ‘A-Stable’ from ‘BBB+ positive’.