Puravankara Limited reports earnings for Q3FY21

The Board of Directors of Puravankara Limited approved the Consolidated and Standalone - Un-Audited Financial Results for the Quarter and nine months ended February 11, 2021 as reviewed and recommended by the Audit Committee at its meeting held today.

Operational Highlights for Q3FY21

- The group saw strong recovery in sales with area sold in Q3FY21 increasing by 40% YoY to 0.91 Msft, compared to 0.65 Msft in quarter ended December 31,2019

- Sales value also increased by 42% to INR 570 crores in Q3FY21, compared to INR 402 crores in the quarter ended December 31, 2019

Operational Highlights for 9MFY21

- Area Sold (Msft) in 9MFY21 increased by 13% YoY to 2.42 Ms/t, compared to 2.15 Msft for the nine months ended December 31, 2019

- Sales value increased by 9% YoY to INR 1,449 crores, compared to INR 1,334 crores for nine months ended December 31,2019

Consolidated Financial Performance (As per IND-AS 115) for the quarter ended 31st December 2020

- Consolidated Revenues stood at INR 304 crores
- EBITDA stood at INR 116 crores with margins of 38%
- Profit before Tax (PBT) stood at INR 21 crores
- Profit After Tax (PAT) stood at INR 13 crores

Consolidated Financial Performance (As per IND-AS 115) for the 9Months ended 31st December 2020

- Consolidated Revenues stood at INR 714 crores
- EBITDA stood at INR 263 crores with margins of 37%

Cash Flows

The balance collections from sold units in all launched projects stands at INR 2,157 crores as of December 31, 2020 and expressed favourably against the balance cost to go of INR 2,823 crores. Combined with the unsold receivables from launched projects of INR 4,879 crores, the projected operating surplus of INR 4,212 crores on the launched portfolio compares favourably against the current outstanding net debt of INR 2,372 crores as on December 31, 2020.

Debt

- Our Debt-Equity Ratio has improved significantly at 1.25 as compared to 1.41 in the previous quarter; excluding project specific NCD/OCD

- The weighted average cost of debt is 12% as of December 31,2020.

Commenting on the company's performance, Mr. Ashish R Puravankara, Managing Director, Puravankara Limited, said, "With continuous improvement in economic activities, demand conditions have also started improving in the real estate sector. Moreover, the successful rollout of vaccines gives further hope for the betterment of the economy and real estate.

Q3FY21 witnessed steady recovery with significant jump in sales at ~0.91 Msft, up by 40% visa-vis Q3FY20. This has been the highest sales achieved over preceding six quarters. On a yearto-date basis, we have achieved sales of 2.42 Msft, up by 13% YoY despite a subdued Q1FY21, indicating the strong rebound and pent-up demand in the sector.

Q3FY21 has seen remarkable improvement in customer collections which is at INR 355 crore compared to INR 241 crore in the previous quarter - growth of 47%. Furthermore debt has been reduced by INR 221 Cr in current quarter.

During the quarter, we also entered into partnership with IFC -a member of the World Bank Group, and IFC Emerging Asia Fund (EAF) wherein they will invest USD 76 miffion in special purpose vehicles set up by the Group; of which USD 41 million has already been received. This will be used for development of residential affordable housing under our brand Provident.

The aim is to create accessible housing for thousands of homebuyers. Boosting the housing sector will not only stimulate the country's manufacturing and services industries but will also spur expansion in the capital markets and improve the quality of life for homeowners and their families.

We are fully poised to capture the upcoming buoyant sentiment in the real estate sector by offering diverse high quality options, catering to all segments of real estate buyers."

Shares of Puravankara Ltd was last trading in BSE at Rs.82 as compared to the previous close of Rs. 82.55. The total number of shares traded during the day was 3984 in over 96 trades.

The stock hit an intraday high of Rs. 86.3 and intraday low of 81.05. The net turnover during the day was Rs. 326536.

Source : Equity Bulls

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