Puravankara reports highest ever Q3 sales, revenue growth of 67% amounting to 410 Cr.

Mumbai, February 11, 2023: Puravankara Limited (BSE:532891), one of India’s most trusted actual property gamers, introduced its monetary outcomes in the present day for the third quarter (Q3FY23) ending December 31, 2022.

Commenting on the corporate’s efficiency,Ashish Puravankara, Managing Director, Puravankara Limited, stated, “We have recorded the highest ever gross sales reserving ofRs. 2,100 Cr.within the first 9 months of the monetary yr. This excellent consequence was supported with the launch of seven new tasks in 9MFY23, in addition to the persevering with curiosity by house consumers in our ongoing tasks.”

On Puravankara’s future plans he stated, “We will proceed to work in direction of increasing our market share, and we’re excited to announce that in Q3FY23 the group has achieved elevated revenue from tasks by 77%, elevated assortment from operations by 87% from development and supply in opposition to the same quarter within the earlier yr. This is supported by elevated gross sales and new launches of over 4.11 msft in 9MFY23 with the final quarter of the present monetary yr including one other 2.17 msft. Our per Sq. Ft. of debt on beneath development space has lowered by 49% from Rs. 2,524 to Rs. 1,291 over the past 4 years.

Our focus continues to be on the client with our ‘You philosophy’, and the outcomes are a testomony to the crew’s dedication, anchored by Puravankara’s worth hundreds of high quality, belief, and buyer expertise.”

Highlights

Operational Highlights for Q3FY23

• Area bought stood at1.02msft (+3% Y-o-Y)
• Sales worth stood atRs. 796 Cr.(+20% Y-o-Y)
• Sales realization stood atRs. 7,767 per Sq. Ft. (+15percentY-o-Y)

Consolidated Q3FY23 Financial Performance

• Net Revenues stood atRs. 410 Cr. (+67% Y-o-Y)
• EBITDA stood atRs. 128 Cr. (+51% Y-o-Y)
• Profit After Tax stood atRs. 21 Cr.(1,213% Y-o-Y)

Cash Flows

As on 31^stDec 2022,

• Balance collections from bought items (accomplished + ongoing) in all launched tasks stood atRs. 2,643 Cr.
• Total estimated worth of unsold stock open on the market stood atRs. 5,641 Cr.
• Total estimated pending challenge value to be incurred stands atRs. 3,517 Cr.
• Total stability estimated assortment from bought and unsold stock together with not open on the market is Rs. 12,582 Cr.
• Total estimated surplus after development value and contingency is 6,774 Cr

Debt

The general internet debt lowered by Rs. 109 Cr., from Rs. 2,144 Cr. (as of Q2FY23) by means of operations, whereas debt elevated by Rs. 100 Cr. (in Q3FY23) owing to land acquisition ensuing into general internet debt of Rs. 2,135 Cr.

While the repo fee elevated over a 12-month interval by 225 bps, value of debt for the group has elevated by solely 67 bps. The weighted common value of debt stood at 11.18% as of 31^stDecember 2022.

Net debt to fairness ratio stood at 1.09 for Q3FY23.

Outlook

In spite of the rise in house mortgage charges, we see sustained sturdy demand, notably for grade A builders. The authorities’s concentrate on infrastructure, funding and housing for all within the finances is commendable. The steep hike in outlay for the PM Awas Yojana by 66% to Rs. 79,000 Cr. will give the much-needed fillip to the reasonably priced housing sector. Estimated growth fee of over 6% for the Indian economic system for the subsequent monetary yr is probably going to assist the present momentum of gross sales in the actual property sector.