Bengaluru-based real estate developer Puravankara Ltd has reported a 33% yearly decline in net profit to INR 42 crore for the quarter ended March 2023, although revenue jumped 112% to INR 947 crore. Sales value rose 93% to INR 1,947 crore with collection of INR 1,094 crore. Sales volume increased 84% to 7.36 million sq ft with collection of INR 3,609 crore. However, EBITDA was INR 139 crore and the company posted a net loss of INR 7 crore due to rising costs. For the full fiscal year 2024, asset sales value reached INR 5,914 crore across 7.36 million square feet with revenue growth of 61% and operating cash flows up 41%.
Bengaluru-based real estate developer Puravankara Ltd reported a 33% year-on-year decline in net profit to INR 42 crore for the quarter ended March 31, 2023, according to a regulatory filing on May 23. Revenue for Q4 FY24 jumped 112% YoY to INR 947 crore.
Puravankara has reported net consolidated loss after tax of INR 6.71 crore during the quarter ended March 31, 2024. It had registered profit after tax of INR 26.75 crore in the corresponding quarter of the previous fiscal.
The company's real estate sales value increased 93% YoY to INR 1,947 crore for the last quarter. Sales volume for the quarter stood at 2.35 million sq ft with a collection of INR 1,094 crore. Sales volume increased by 84% to 7.36 million sq ft with INR 3,609 crore in collections.
The EBITDA for the quarter stood at INR 139 crore and the company posted a loss of INR 7 crore.
For the full year FY24, asset sales value rose to INR 5,914 crore spanning 7.36 million square feet. Revenue grew 61% to INR 2,260 crore. Operating cash flows jumped 41% to INR 3,948 crores while net operating surplus increased to INR 513 crores.
Net debt amounted to INR 2,151 crores with net debt-to-equity ratio of 1.14 for Q4 FY24. The company launched 12 projects with a total potential saleable area of 9.47 million sq ft, expanding into high-growth markets. It secured redevelopment rights for 3 Mumbai projects valued potentially at INR 3,600 crores and is in talks for more.
On April 23, the company announced that it would redevelop a residential housing society in Mumbai's Pali Hill. The project has a cumulative estimated development potential of 4.1 lakh sq ft carpet, with over 2.15 lakh square feet available for sale, and a potential gross development value (GDV) of over INR 2,000 crore.
The Bengaluru-based real estate developer had said that it plans to end the financial year by delivering 2,000 units with a development potential upwards of 2 million sq ft (msf) across Bengaluru, Pune, Chennai and Mumbai. Of the total development, about 500 will be plots under Purva Land, its plotted development segment, and the rest will be apartments.
For the upcoming developments, the company is looking at locations like Whitefield, Sarjapur and Bellandur in Bengaluru; Kelambakkam outside Chennai; Khondwa in Pune; and Chembur and Dombivli in Mumbai.
Advertisement
Facebook
Whatsapp
