Puravankara Q1 Results Highlights: Acquires 3.25M Sq Ft, 39% Collection Growth

Synopsis

The company reported acquiring 3.25 million square feet and achieving a 39% growth in collections for the June quarter compared to the same period last year. Additionally, it recorded pre-sales amounting to ₹1,128 crore.

Puravankara Q1 Results Highlights

On Friday, July 12, Puravankara provided a business update for the first quarter of the current fiscal year. The company announced it had acquired 3.25 million square feet and achieved a 39% growth in collections compared to the same period last year. Additionally, pre-sales were recorded at ₹1,128 crore.

By 2:30 pm IST, Puravankara share price were trading 1.81% lower at ₹462.35 each. The real estate developer also reported acquiring a 12.77-acre land parcel on Ghodbunder Road in Thane, MMR, with a total potential carpet area of 1.82 million square feet. Furthermore, it acquired a 7.26-acre land parcel in Electronics City (Hebbagodi), Bengaluru, with a potential carpet area of 0.60 million square feet, and the landowner share of 0.83 million square feet saleable area in three projects by Provident in Goa and Bengaluru.

Quarterly customer collections from real estate increased by 39% to ₹965 crore, up from ₹696 crore in the previous year's first quarter. The quarterly sales value for the June quarter stood at ₹1,128 crore, slightly higher than ₹1,126 crore in the same quarter of the previous fiscal year. Planned project launches have been postponed to the second quarter of FY25.

The company's average price realization increased by 6%, reaching ₹8,746 per square foot compared to ₹8,277 per square foot last year.

For Q4 FY24, Puravankara reported a consolidated net loss of ₹6.59 crore, contrasting with a net profit of ₹26.66 crore in Q4 FY23. Revenue from operations surged by 136.5% year-on-year to ₹919.97 crore in the quarter ended March 31, 2024.

Puravankara Management Commentary

"This quarter we have achieved collections of ₹965 crore and pre-sales of ₹1,128 crore from sustenance sales. We will continue to focus on ensuring our planned launches for FY25," said Ashish Puravankara, the company's managing director.

About Puravankara

The Puravankara Group engages in real estate development, with the majority of its portfolio consisting of residential assets. It operates in both the premium and affordable housing segments under the brands Purva and Provident, respectively. The Group's primary operations are in Bangalore, with significant presence in Chennai, Kochi, Hyderabad, and Pune.