Bengaluru-based real estate firm Puravankara Limited has clocked a total revenue of Rs 410 crore in the third quarter of FY2023 with a 67 percent growth year-on-year (YoY) compared to the same quarter in FY2022, the company said in a regulatory filing.
In the third quarter, Puravankara sold 1.02 million square feet (msf) with a highest-ever sale value of Rs 796 crore, according to a press release. In the same quarter FY23, the company's customer collection stood at Rs 621 crore.
Consolidated profit after tax surged 1,213 percent on year to Rs 21 crore, from Rs 1.62 crore year ago.
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"We have recorded the highest ever sales booking of Rs 2,100 crore in the first nine months of the financial year. This outstanding result was supported with the launch of seven new projects in 9MFY23, as well as the continuing interest by home buyers in our ongoing projects," said Managing Director Ashish Puravankara.
He said that in Q3 FY23 the company achieved increased revenue from projects by 77 percent, and increased collection from operations by 87 percent from construction and delivery against the similar quarter in the previous year.
"This is supported by increased sales and new launches of over 4.11 msf in 9MFY23 with the last quarter of the current financial year adding another 2.17 msf. Our per square feet of debt on under construction area has reduced by 49 percent from Rs 2,524 to Rs 1,291 over the last four years," Puravankara added.
In Q3 FY23, the company's EBITDA stood at Rs 128 crore and the overall net debt was reduced by Rs 109 crore, from Rs 2,144 crore (as of Q2FY23) through operations. Additionally, the debt increased by Rs 100 crore (in Q3FY23) owing to land acquisition -- resulting in overall net debt of Rs 2,135 crore.
As of March 2022, Puravankara has completed 78 projects measuring sprawling 44 msf across 9 cities - Bangalore, Chennai, Hyderabad, Coimbatore, Mangalore, Kochi, Mumbai, Pune and Goa. The company's total land bank is about 57 msf, and ongoing projects add up to 25 msf.
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