Bengaluru-based real estate firm Puravankara Limited has clocked a total revenue of Rs 389 crore in the quarter that ended March 31, 2023, with a net consolidated profit after tax of Rs 28 crore, the company said in a regulatory filing.
Though the revenue from projects for the last quarter of FY23 jumped by 32 percent year-on-year (YoY), it dipped by 5 percent or Rs 21 crore, compared to Rs 392 crore in FY23 Q3.
The profit after tax for FY23 touched Rs 63 crore, a dip of 57 percent annually.
The net consolidated revenue from projects for FY23 stood at Rs. 1,236 crore, up by 29 percent (YoY) from Rs 955 crore in FY22.
For FY23, the company sold 4 million square feet (msf) of area and about 1.21 msf in the last quarter of FY23. In the third quarter, Puravankara sold about 1.02 msf.
The company also reported a highest ever sale value of Rs 3,107 crore, up by 29 percent compared to the last financial year. For FY23 Q4, the sale value touched Rs 1007 crore.
The collection stood at Rs 2,258 crores annually, up by 57 percent.
As of March 31, 2023, the company has Rs 11,232 crore worth of unsold inventories and the balance collections from the completed and ongoing sold units stood at Rs 2,967 crore.
For FY23, the EBITDA stood at Rs 442 crore, a dip of 30 percent annually, and for the last quarter, it touched Rs 117 crore, a 90 percent growth year-on-year.
"Our net debt stood at Rs 2,208 crore and net debt to equity ratio stood at 1.11 for Q4FY23. The weighted average cost of debt stood at 11.31 percent as of 31st March 2023," the regulatory filing added.
The average price realisation increased by 14 percent to Rs 7,768 per sq ft during FY23 from 6,838 per sq ft in FY22.
"In FY23, we achieved the highest-ever sales revenue of Rs 3,107 crore. This exemplary performance can primarily be attributed to new launches and continued progress in the execution of our ongoing projects, also resulting in strong collections of Rs. 2,258 crore, Ashish Puravankara, Managing Director, Puravankara Limited said.
Currently, the company is actively evaluating projects for acquisition across the geographies Puravankara operate in, with a special focus on the Mumbai Metropolitan Region (MMR) and Pune, he added.
