Puravankara's net consolidated total income reached INR 675.55 crore in Q1 FY25, marking a significant growth of 101.17 percent compared to INR 335.81 crore in the same quarter last year. This impressive increase highlights the company's strong performance and successful business strategies during this period. The substantial rise in income indicates robust demand and effective management, positioning Puravankara favourably in the market. Quarterly sales remained stable at INR 1,128 crore, while customer collections rose by 39 percent to INR 965 crore. This financial milestone points to the company's ability to achieve substantial growth.
Puravankara has reported a financial turnaround with a net consolidated profit after tax of INR 14.78 crore for the quarter ending 30 June 2024. This is a sharp improvement compared to the same quarter last year, when the company registered a loss after tax of INR 17.86 crore. The announcement was made in a filing with the Bombay Stock Exchange (BSE).
The company's net consolidated total income for the first quarter of the fiscal year 2025 (Q1 FY25) stood at INR 675.55 crore. This represents a substantial growth of 101.17% from the INR 335.81 crore recorded in the corresponding quarter of the previous fiscal year.
Ashish Puravankara, the managing director of the company, attributed this impressive revenue increase to higher delivery volumes. He stated that the revenue recognised surged to INR 676 crore due to the delivery of 929 units, marking a 108% growth over last year's delivery figures. He further mentioned that while the company sold 1.29 million square feet of real estate, there was a strategic focus on replenishing their land bank. To this end, the company invested INR 762 crore in acquiring land in the Mumbai Metropolitan Region (MMR), Goa, and Bengaluru.
In addition to these developments, Grand Hills Developers, a wholly-owned subsidiary of Puravankara, issued 25,500 listed, secured, rated, redeemable, non-convertible debentures amounting to INR 255 crore during the quarter.
The company achieved a quarterly sales value of INR 1,128 crore for Q1 FY25, which is consistent with the INR 1,126 crore recorded in Q1 FY24. This performance was maintained even though some planned launches were deferred to the second quarter of FY25. Customer collections from the real estate business also saw significant growth, reaching INR 965 crore in Q1 FY25. This is a 39% increase from the INR 696 crore collected in Q1 FY24. As of the end of the first quarter of FY25, Puravankara's net debt stood at INR 2,237 crore.
Puravankara has demonstrated a robust financial performance in Q1 FY25, with net consolidated total income doubling to INR 675.55 crore and a turnaround to a profit of INR 14.78 crore from a loss in the previous year. Strong revenue growth, stable quarterly sales, and increased customer collections highlight the company's effective strategies and solid market position. The significant rise in income and strategic investments in land underscore Puravankara's successful execution of its business plans and future growth potential.
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