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Puravankara Ltd reports Q2, H1 FY2019-20 results

Posted On: 2019-11-07 21:37:23

Consolidated Financial Performance (As per IND-AS 115) for the quarter ended 30th September 2019

- Revenues for the quarter were at INR 624 crores; up 25% YoY
- EBITDA grew at 19% YoY to INR 133 crores
- EBITDA margin was reported at 21.31%
- Profit before Tax (PBT) during the quarter was INR 43 crores; up 29% YoY
- Profit after Tax (PAT) stood at INR 27 crores; up 27% YoY

Consolidated Financial Performance (As per IND-AS 115) for the half year ended 30th September 2019

- Revenues for H1FY20 stood at INR 1,269 crores; up 42% YoY
- EBITDA grew at 34% YoY to INR 293 crores
- EBITDA margin was reported at 23%
- Profit before Tax (PBT) during the half year was INR 107 crores; up 57% YoY
- Profit after Tax (PAT) stood at INR 76 crores; up 58% YoY

Cash Flows

Collections for the quarter ended September 30,2019, were INR 421 crores; up 29% YoY.

The balance collections from sold units in all launched projects stands at INR 2,005 crores as of September 30, 2019 and relates favourably against the balance cost to go of INR 1,944 crores. Combined with the unsold receivables from launched projects of INR 4,156 crores, the projected operating surplus of INR 4,218 era res on the launched portfolio compares favourably against the current outstanding net debt of INR 2,614 era res as on September 30, 2019.

Debt

The Debt-Equity Ratio has come down to 1.38 as compared to 1.42 in the previous quarter.

The weighted average cost of debt is 11.65 % as of September 30, 2019.

Commenting on the company's performance, Mr. Ashish R Puravankara, Managing Director, Puravankara Limited, said, 'The current exigencies have exerted pressures on the business environment of the real estate sector. But this quarter too we have kept our momentum of robust sales and cash flow.

At the end of HI of FY20, the sales of ready-to-move-in inventory have almost doubled YoY, proving that our lase red focus on this segment is reaping benefits. The trend that started a few quarters ago, where there was a shift of customer preference from under construction projects to ready-to-move-in inventories continue to increase every quarter.

Q2FY20 has seen positive operating cash flows, up by 45% YoY, and we have reduced our debt by INR 95 crores during the half year ended September, 2019.

This quarter too, our focal points remain to develop unique and high-quality products, strengthen our execution capabilities and provide excellent customer experience. 'Customer centricity' has and will remain ingrained in our DNA, and product offerings in both Puravankara and Provident will continuously innovate to bring customer delight.

With strong cashflows and reduced debt we are gearing for new launches especially in the Western regions; we look forward to the coming quarters with vitality and enthusiasm."

Operational Highlights for Q2FY20 & H1FY20

The group sold 617 units during the quarter and 1,255 units during the first half of FY20. We are pleased to say that more than half of the sales came from ready-to-move-in inventory, which has doubled from the corresponding periods last year. We intend to keep this momentum of ready-to-move inventory sales at high levels.

Brand Puravankara's Ready-to-move-in inventory sales has doubled during the quarter and first half of the year with a total booking value of INR 178 crores during the quarter, up 110% YoY and INR 358 crores during H1FY20, up 142% YoY.

Shares of Puravankara Ltd was last trading in BSE at Rs.65.9 as compared to the previous close of Rs. 64.4. The total number of shares traded during the day was 37767 in over 361 trades.

The stock hit an intraday high of Rs. 70.05 and intraday low of 65. The net turnover during the day was Rs. 2550550.


Source: Equity Bulls

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