Realty firm Puravankara Ltd on July 31 reported a consolidated net profit of Rs 15.44 crore in the first quarter of the financial year 2024-2025 on higher income. The company had posted a net loss of Rs 17.16 crore in the year-ago period.
Total income more than doubled to Rs 675.55 crore in the April-June period of this fiscal against Rs 335.81 crore in the corresponding period of the previous year, according to a regulatory filing.
The company achieved quarterly sales value of Rs 1,128 crore for Q1FY25 in sustenance vs Rs 1,126 crore in Q1FY24, as the planned launches were deferred to Q2FY25, it added. The quarterly customer collections from the real estate business stood at Rs 965 crore in Q1FY25 compared to Rs 696 crore in Q1FY24, up by 39 percent on-year. Average price realisation increased by 6 percent YoY to Rs 8,746/sft. Revenue from projects stood at Rs 676 crore, up 101 percent YoY.
The net debt stood at Rs 2,237 crore for Q1FY25.
On the outlook for FY25, Puravankara said it is expected to experience sustained growth, in line with the sector, supported by a conducive economic environment and evolving consumer preferences.
Meanwhile, shares of Puravankara on July 31 were trading 3.3 percent higher at Rs 468 apiece on BSE against its previous close.
Commenting on the company’s performance, Ashish Puravankara, Managing Director, Puravankara Limited, said, “The revenue recognised went up to Rs 676 crores on account of higher delivery of 929 units, a 108% growth over last year’s delivery, demonstrating our commitment and focus on operations. While the company sold 1.29 msft, our focus was on replenishing our landbank. The company deployed Rs 762 crores for land acquisition in MMR, Goa and Bengaluru.”
Bengaluru-based Puravankara is one of the leading real estate developers in the country.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
