Puravankara shares soared 13 percent intraday on July 6 after the Bengaluru-based real estate company clocked the highest-ever first-quarter sales in the April-June period of the financial year 2023-24 along with a strong growth in volumes.
The company registered the highest-ever sale value of Rs 1,126 crore in any quarter and the first quarter of any financial year. Sales value zoomed 119 percent year on year (YoY) and 12 percent quarter on quarter (QoQ) to Rs 1,126 crore in Q1 FY24, the company said in an exchange filing.
“With a strong pipeline of new launches, we are confident that we will continue to drive our pre-sales growth momentum,” managing director Ashish Puravankara said.
Average price realisation rose 11 percent YoY to Rs 8,277 per square feet, while volume jumped 97 percent YoY and 12 percent sequentially to 1.36 million square feet.
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“Our new launches are complemented by impressive sustenance sales achievements, supported by efficient and fast-paced execution leading to increased collections by 52 percent on a YoY basis,” Puravankara said.
The company has a strong presence in the southern housing markets, with Bengaluru its primary focus. Puravankara also has a presence in Hyderabad, Chennai, Mumbai, and Pune. Though it is present outside these five core markets, the management expressed its intention to focus on the top five markets to drive growth.
In a June 23 report, Antique Broking said that the real estate developer was looking at a launch pipeline of approximately 13.7 million square feet in FY24, around 2.3 times its FY23 launch of 6 million square feet.
At 1.23 pm, shares of the company were trading 11.3 percent higher at Rs 104.89 on the BSE.
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