Puravankara Limited Reports Strong Financial Results for Q1 FY25
Sales Value and Customer Collections See Growth
Bengaluru-based real estate developer Puravankara Limited has announced its financial results for the first quarter of FY25, ending on June 30, 2024. Despite the deferral of planned launches to the second quarter of FY25, the company achieved a quarterly sales value of Rs 1,128 crore for Q1 FY25, showing a marginal increase from Rs 1,126 crore achieved in the same quarter of the previous year (Q1 FY24).
In addition to its sales performance, Puravankara Limited also reported impressive customer collections from its real estate business, with Q1 FY25 collections amounting to Rs 965 crore, showing a significant YoY increase of 39% compared to Rs 696 crore in Q1 FY24.
The company’s strategy of focusing on operational efficiency and delivery is evident in the revenue generated from projects, which stood at Rs 676 crore, marking a substantial YoY growth of 101%. This increase in revenue was supported by the delivery of 929 units, demonstrating the company’s commitment to meeting its customers’ demands.
Land Acquisition and Expansion
Ashish Puravankara, Managing Director of Puravankara Limited, highlighted the company’s focus on replenishing its landbank alongside its sales performance. The company invested Rs 762 crore in land acquisition in prominent regions such as Mumbai Metropolitan Region (MMR), Goa, and Bengaluru. This strategic move will help the company strengthen its presence in high-demand markets and support future growth.
Solid Financial Performance and Outlook
Alongside its strong sales and revenue performance, Puravankara Limited achieved positive financial indicators in Q1 FY25. The average price realization increased by 6% YoY to Rs 8,746 per square foot, reflecting market competitiveness and the value perception of the company’s offerings.
Key financial figures for the quarter include an EBITDA of Rs 148 crore, which showed an impressive YoY increase of 96%. Moreover, the company generated a profit of Rs 15 crore, marking a significant turnaround from a loss of Rs 17 crore experienced in Q1 FY24.
Continued Focus and Debt Management
While substantial progress has been made, Puravankara Limited continues to actively manage its debt position. As of Q1 FY25, the net debt stood at Rs 2,237 crore. The company remains committed to maintaining its financial stability and pursuing sustainable growth in line with its strategic objectives.
Looking Forward and Building on Success
Puravankara Limited’s strong performance in Q1 FY25 underscores the resilience and commitment of the company amidst challenging market conditions. The continuous focus on operational efficiencies, land acquisition, and financial health positions the company well for future growth and success in the ever-evolving real estate industry. With its customer-centric approach and strategic investments, Puravankara Limited remains poised to capture new opportunities and deliver value to its stakeholders.
