Puravankara Limited announced its results for the first quarter of FY23.
The highest ever first quarter sales of INR 513 crores from ongoing projects, area sold stood at 0.69 msft. Profit After Tax for Q1FY23 at INR 35 Crore up 258% qoq. Operating inflows stood at INR 667 Cr up 16% qoq.
Commenting on the company's performance, Ashish R Puravankara, Managing Director, Puravankara Limited, said, "We believe India's real estate will continue to witness sustained growth momentum, which will be fueled by favourable market forces, government measures, and positive customer sentiment. We are delighted that the new financial year has begun on a positive note, with the Company achieving its highest ever sales in the first quarter of any financial year."
Operational Highlights for Q1FY23 Area sold stood at 0.69 msft up by 64%, compared to 0.42 msft in the quarter ended June 30, 2021. Sales value stood at INR 513 crore up by 63%, compared to INR 314 in the quarter ended June 30, 2021 Operating inflows stood at INR 667 Cr up 16% qoq. Consolidated Financial Performance (As per IND-AS 115) for the quarter ended 30th June 2022.
Consolidated Revenues stood at INR 297 crores and EBITDA stood at INR 139 crores with margins of 47%. Profit before Tax (PBT) stood at INR 48 crores Profit After Tax (PAT) stood at INR 35 crores.
As on 30th June 2022, the balance collections from sold units in all launched projects stood at INR 2,550 crores. Combined with the unsold receivables from launched projects of INR 4,394 crores, the projected operating surplus of INR 4,095 crores on the launched portfolio compares favourably against the current outstanding net debt of INR 1,889 crores. Net debt as on 30th June 2022 stood at INR 1,889 Crore.Net debt to equity stood at 0.91 at the end of the quarter.