Puravankara Limited, one of India’s most trusted and admired real estate players, announced its financial results today for the third quarter (Q3FY24) ending December 31, 2023.
The company posted a profit of Rs 78 crores in Q3FY24 (+266 per cent Y-o-Y). Sales soared to Rs 1,241 crores in Q3FY24 (+56 per cent Y-o-Y). Sales volume for the quarter stood at 1.63 msft (+60 per cent Y-o-Y) with a strong collection of Rs 941 crores (+52 per cent Y-o-Y). Operating cash inflows for 9MFY24 stood at Rs 2,826 crores (+35 per cent Y-o-Y), and revenue from operations stood at Rs 596 crores (+45 per cent Y-o-Y). Operating surplus for 9M FY24 stood at Rs 965 crores (+101% Y-o-Y). The company launched two new projects, Provident Deansgate in Bengaluru and Purva Soukhyam in Chennai and one new phase for Parkhill in Bengaluru.
Commenting on the company’s performance, Ashish Puravankara, Managing Director, Puravankara Limited, said, "The results declared for Q3FY24 and 9MFY24 mark a significant milestone in our operational journey. Our total revenue increased by 45 per cent to INR 596 crores. Our net profit for the quarter stood at 78 crores, up by 266 per cent year on year. Our pre-sales reached Rs 3,967 crores in 9MFY24, demonstrating our consistent growth and effective expansion strategy. The notable 52 per cent Y-o-Y increase in collections highlights our commitment to operational efficiency and customer satisfaction.
Complementing our operational success, we have also reduced our net debt by Rs 251 crores with significantly improving collections and cash balance. The company is well poised for investments in new acquisitions across regions, with increased liquidity and cash flows enhancing the growth momentum. We are excited and encouraged with our foray into the Mumbai redevelopment market with our first project of approximately 6 lakh sq ft and a potential GDV of Rs 1,500 crores. We are actively pursuing 12 opportunities and are shortlisted with advance discussions ongoing with four societies.”
Our net debt stood at Rs 1,741 crores, reduced by Rs 251 crores from the previous quarter. The net debt-to-equity ratio stood at 0.85 for Q3FY24. The weighted average cost of debt stood at 11.49 per cent as of 31 December 2023.
Given the prevailing circumstances globally and on the macroeconomic front, the outlook for the Indian real estate sector remains positive. Despite global uncertainties, India's economy continues to show resilience. Increasing economic activity has led the RBI to revise the GDP forecast to 7 per cent from earlier 6.5 per cent. We firmly believe that with our new launches and increasing cash flows, Puravankara is well-positioned to acquire new projects. We will improve our position in the Southern markets and increase investments towards new acquisitions in the Western region. This strategy will enable us to gain market share in a continuously consolidating real estate sector. The stability in interest rates and controlled inflation further strengthens economic prospects.
