Puravankara Limited has recorded sales totalling Rs. 796 crores in the third quarter which is the company's highest-ever sales for any year since its founding. This represents a 20% increase over the Rs. 666 crores reported in Q3FY22. The company reported sales at Rs. 2,100 crores for the nine months that ended in December 2022, a rise of 33% over the same period the previous year. Along with this impressive growth in sales, the company also experienced an increase in customer collections which rose to Rs. 621 crores in Q3FY23 from Rs. 344 crores in Q3FY22. The net debt remained consistent with the prior quarter.
According to data recently released by the company, Puravankara Limited recorded sales totalling Rs. 796 crores in the third quarter which is the company's highest-ever sales for any year since its founding. This represents a 20% increase over the Rs. 666 crores reported in Q3FY22.
The company reported sales at Rs. 2,100 crores for the nine months that ended in December 2022, a rise of 33% over the same period the previous year. The greatest value ever recorded during the first nine months is another record that has been set.
The increase in sales was accompanied by a steady rise in the average price realised. The average price realisation during Q3FY23 increased by 15% to Rs. 7,767/- sq ft in comparison to the average price realisation in Q3FY22.
Along with this impressive growth in sales, the company also experienced an increase in customer collections which rose to Rs. 621 crores in Q3FY23 from Rs. 344 crores in Q3FY22. The business is on track to reach its launch goal of over 15 million square feet by the end of this fiscal year. The net debt is consistent with the prior quarter.
In an interview captured by ET Realty, Ashish Puravankara, managing director of Puravankara Limited said, "The Indian economy is still expanding at one of the quickest rates in the world. In India, real estate has maintained solid momentum over the last few quarters and continues to be a popular investment option despite market instability. The sector will continue to have good growth due to the sector's rapid infrastructure development and the return-to-office trend.”
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