Puravankara Limited, a prominent real estate player in India, reported a 12.93% growth in consolidated income, reaching Rs. 335.81 crore in Q1. However, the company faced challenges, resulting in a net loss of Rs. 17.86 crore compared to a profit of Rs. 34.44 crore in the same period last year. Rising marketing expenses and unsold inventory impacted the financials. Despite this, Presales increased by 119% YoY, with sales of Rs. 1,126 crore during the period. The company's average price realization rose by 11%, and net debt decreased, showcasing its commitment to growth amid challenges.
Puravankara Limited, a prominent player in India's real estate sector, reported its financial performance for the first quarter of the year. While the company has experienced growth in certain areas, it also faced challenges resulting in a net loss.
In terms of consolidated income, Puravankara recorded a significant increase of 12.93 percent, reaching Rs. 335.81 crore in the first quarter compared to Rs. 297.35 crore in the previous year. However, the company reported a net loss of Rs. 17.86 crore for the quarter, which is a deviation from the profit of Rs. 34.44 crore it earned in the same period of the previous year.
Several factors contributed to these financial results. The company's expenses, particularly marketing expenses, have been rising. Additionally, the value of unsold inventory significantly impacted the financials. Despite these challenges, Puravankara's income and profits had been increasing, and presales were on a positive trajectory, more than doubling year-on-year by 119%. The company achieved sales of Rs. 1,126 crore during the period.
The average price realization also saw an increase of 11%, reaching Rs. 8,227 per square foot compared to Rs. 7,436 in the same quarter of the previous year. The net debt of the company decreased by Rs. 89 crore from the previous year, bringing the net debt to equity ratio to 1.07 for Q1FY24.
Puravankara Limited remains a trusted and renowned player in the Indian real estate industry with a presence in multiple major cities. The company has undertaken new projects and aims to drive pre-sales growth further. Despite the current challenges leading to a net loss, the company's history of achievements and its efforts to expand its offerings indicate a commitment to providing quality housing options to people across different regions.
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