Bengaluru-based listed real estate developer Puravankara posted a profit of Rs 78 crore in Q3FY24, up by 266 percent year-on-year (YoY) with a revenue of Rs 596 crore, according to a regulatory filing on January 23.
The company clocked a sales soared to Rs 1,241 crore in Q3, up by 56 percent YoY. The EBITDA stood at Rs 218 crores, 71 percent more than the same quarter last year.
Sales volume for the quarter stood at 1.63 million sq ft (msf) with a customer collection of Rs 941 crore. The average sales realisation stood at Rs 7,610 per sq ft, down by 2 percent annually.
The developer's net debt touched Rs 1,741 crore, down by Rs 251 crore from the previous quarter. Its net debt-to-equity ratio stood at 0.85 for Q3 FY24. The weighted average cost of debt stood at 11.49 percent as of December 31, 2023.
Operating cash inflows for the first nine months of 2023 stood at Rs 2,826 crore and revenue from operations stood at Rs 596 crore.
The company launched two new projects, Provident Deansgate in Bengaluru and Purva Soukhyam in Chennai and one new phase for Parkhill in Bengaluru.
"Our pre-sales reached Rs 3,967 crore in the first nine months of FY24, demonstrating our consistent growth and effective expansion strategy. The notable 52 per cent YoY increase in collections highlights our commitment to operational efficiency and customer satisfaction," Ashish Puravankara, Managing Director, Puravankara Limited said.
The company posted a loss of Rs 11 crore in Q2 even though its sales value stood at Rs 1,600 crore, up by 102 percent YoY.
The company plans to launch 7.6 million square feet (msf) of residential development with a topline of about Rs 5,000 crore within FY24.
Abhishek Kapoor, executive director and chief executive officer at Puravankara, previously told Moneycontrol, "Last year the company did Rs 3,107 crore of business and opened 3 msf of inventory for sale out of 6 msf approved launches. This year we are almost doubling the inventory open for sale to 7.6 msf out of 15 msf launches. We are also anticipating Rs 11,200 crore of surplus from operations within 3-4 years."
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