Puravankara, a prominent Indian real estate developer, has achieved impressive sales growth, marking a significant milestone in Q2 FY24. The company reported a sale value of INR 1,600 crores, representing a remarkable 102% increase from Q2 FY23's INR 791 crores. This growth trend continued into H1 FY24, with a sale value of INR 2,725 crores, marking a remarkable 109% increase compared to H1 FY23's INR 1,304 crores. This robust performance is attributed to a promising pipeline of upcoming project launches, efficient project execution, and a strategic approach to diversification and business acquisitions. Puravankara's strong position in the real estate market is evident in its growing sales, highlighting its commitment to providing quality real estate solutions.
Puravankara, one of India's leading real estate developers, has achieved a remarkable milestone with record-breaking sales figures. In Q2 FY24, Puravankara reported a sale value of INR 1,600 crores, marking a significant 102% increase compared to INR 791 crores in Q2 FY23. This surge in sales continued into H1 FY24, where the company recorded a sale value of INR 2,725 crores, representing an impressive 109% growth from INR 1,304 crores in H1 FY23.
This robust performance is underpinned by a promising pipeline of upcoming project launches, reinforcing their confidence in sustaining pre-sales growth. The company's commitment to enhancing operational efficiency, profitability, and financial stability is evident in a 70% YoY increase in collections, attributed to efficient and swift project execution.
Puravankara sees strategic business acquisitions as a critical element of its expansion strategy. The company aims to diversify its portfolio, enter new markets, and capitalize on emerging trends by strategically identifying and integrating businesses that align with their strengths and objectives. This approach is expected to drive incremental growth.
The company conveyed that its sale bookings, in terms of value, increased by 89%, amounting to 2.01 million square feet during the July-September period. This growth is significant compared to the 1.07 million square feet in the year-ago period. The average sales realization rose by 7% to reach Rs 7,947 per square foot, an increase from the Rs 7,396 per square foot recorded during the same period in the previous year.
These financial results demonstrate Puravankara's solid position in the real estate market, as it capitalizes on the growing demand for its residential properties. The increase in sales, both in terms of value and volume, underscores the company's commitment to providing quality real estate solutions.
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