Puravankara Limited Reports Strong Q1FY25 Results, Achieves 39% Increase in Customer Collections

Puravankara Limited reported its Q1FY25 financial results, ending June 30, 2024. The company achieved sales of Rs 1,128 crore and customer collections of Rs 965 crore, a 39% year-on-year increase. Revenue from projects rose by 101% to Rs 676 crores. The company deployed Rs 762 crores for land acquisition in key markets.

Bengaluru, Karnataka, India – Puravankara Limited (BSE: 532891) has announced its financial results for the first quarter (Q1FY25), ending June 30, 2024.

The company reported quarterly sales value of Rs 1,128 crore in Q1FY25, nearly consistent with Rs 1,126 crore in Q1FY24, due to deferred planned launches to Q2FY25. Customer collections from the real estate business reached Rs 965 crore in Q1FY25, marking a 39% year-on-year increase. The average price realization rose by 6% Y-o-Y to Rs 8,746 per square foot. Revenue from projects soared to Rs 676 crores, up by 101% Y-o-Y.

Ashish Puravankara, Managing Director of Puravankara Limited, attributed the revenue uptick to higher delivery of 929 units, representing 108% growth over the previous year, emphasizing operational focus. The company had also sold 1.29 million square feet and allocated Rs 762 crore for land acquisitions in MMR, Goa, and Bengaluru.

Operational highlights for Q1FY25 include a sales value of Rs 1,128 crore, an average price realization of Rs 8,746 per square foot, and a delivery of 1.16 million square feet, compared to 0.49 million square feet in Q1FY24. Consolidated financial performance for Q1FY25 showed revenue from projects at Rs 676 crore, EBITDA at Rs 148 crore, and a profit of Rs 15 crore as opposed to a loss of Rs 17 crore in Q1FY24. Net debt stood at Rs 2,237 crore for Q1FY25.

The Indian real estate market anticipates robust growth through FY25, driven by a strong economy and increasing demand across sectors. The IMF's GDP forecast revision to 7% for FY25 and reduced overall inventory overhang signal optimism. Puravankara is well-positioned to capitalize on this positive environment.

(With inputs from agencies.)