Puravankara Limited announced its financial results for the third quarter (Q3FY23) ending December 31, 2022. Commenting on the company’s performance, Ashish Puravankara, Managing Director, Puravankara Limited, said, “We have recorded the highest ever sales booking of Rs. 2,100 Cr. in the first nine months of the financial year. This outstanding result was supported with the launch of seven new projects in 9MFY23, as well as the continuing interest by home buyers in our ongoing projects.”
On Puravankara’s future plans he said, “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%, increased collection from operations by 87% from construction and delivery against the similar quarter in the previous year. This is supported by increased sales and new launches of over 4.11 mn sq ft 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 area has reduced by 49% from Rs. 2,524 to Rs. 1,291 over the last four years. Our focus continues to be on the customer with our ‘You philosophy’, and the results are a testament to the team’s commitment, anchored by Puravankara’s value loads of quality, trust, and customer experience.”
The Operational highlights for Q3FY23 was the area sold stood at 1.02 mn sq ft. The sales value stood at Rs 796 crores. The sales realisations stood at Rs 7,767 per sq. ft. The net revenues stood at Rs 410 crores. The EBITDA stood at Rs 128 crore. The profit after tax stood at Rs 21 crores.
The overall net debt reduced by Rs 109 Crs, from Rs. 2,144 Cr. (as of Q2FY23) through operations, while debt increased by Rs 100 Cr. (in Q3FY23) owing to land acquisition resulting into overall net debt of Rs 2,135 Cr. While the repo rate increased over a 12-month period by 225 bps, cost of debt for the group has increased by only 67 bps. The weighted average cost of debt stood at 11.18% as of 31st December 2022. Net debt to equity ratio stood at 1.09 for Q3FY23.
