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Puravankara Ltd reported a strong operational performance for the first quarter, with pre-sales increasing 28% year-on-year and customer collections rising 40% compared to the same period last year. Alongside its sales performance, the company entered into an agreement with ICICI Prudential Asset Management Company for the sale of a commercial property. The transaction values the asset at an enterprise value of INR 6.26 billion. The company has continued to focus on improving cash flows through higher collections while monetising select commercial assets to strengthen its business.
Puravankara Ltd reported a 28% year-on-year increase in pre-sales during the first quarter, reflecting sustained demand across its residential portfolio. The company also recorded a 40% year-on-year rise in customer collections, indicating improved cash flow and steady execution of ongoing projects.
As part of its asset monetisation strategy, the Bengaluru-based real estate developer entered into an agreement with ICICI Prudential Asset Management Company for the sale of a commercial property. The transaction values the asset at an enterprise value of INR 6.26 billion.
The company has been focusing on strengthening its balance sheet through a combination of higher residential sales, improved collections and selective monetisation of non-core commercial assets. Higher collections generally support construction activity, reduce dependence on external funding and improve overall financial flexibility.
Puravankara has a presence across key residential markets, including Bengaluru, Chennai, Hyderabad, Mumbai, Pune, Kochi and Goa. Over the past few years, the company has expanded its development pipeline through both outright land acquisitions and joint development agreements while continuing to launch projects across its Puravankara, Provident Housing and Purva Land brands.
The agreement with ICICI Prudential Asset Management Company is part of the company's broader efforts to unlock value from completed commercial assets while maintaining its focus on expanding its residential business.
Source Reuters
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