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Puravankara Reports Rs 5,914 crore Sales in FY24, Revenue up by 61%

Posted On : 2024-05-24 18:17:31( TIMEZONE : IST )

Puravankara Reports Rs 5,914 crore Sales in FY24, Revenue up by 61%

Puravankara Limited (BSE:532891), one of India's most trusted real estate players, announced its financial results today for the fourth quarter (Q4FY24) ending March 31, 2024, and consolidated results for FY24.

Sales soared to Rs 1,947 crores in Q4FY24, showcasing an excellent 93 per cent Y-o-Y growth. Sales volume for the quarter stood at 2.35 msft (+94 per cent Y-o-Y) with a strong collection of Rs 1,094 crores (+66 per cent Y-o-Y). Total revenue for Q4FY24 was Rs 947 crores, up by 112% Y-o-Y.

For FY24, sales stood at Rs 5,914 crores, a staggering 90 per cent Y-o-Y increase. Sales volume increased by 84% to 7.36 msft with Rs 3,609 crores in collections (+60% Y-o-Y). Total revenue increased by 61% Y-o-Y to Rs 2,260 crore. Operating cash inflows for FY24 stood at Rs 3,948 crores (+41 per cent Y-o-Y), while net operating surplus was Rs 513 crores (+598 per cent Y-o-Y).

Focused on value creation and future business growth, the company has incurred expenses for marketing and sales to increase pre-sales by 90% and towards General and Administrative (G&A) costs for new acquisitions in new geographies, which is reflected in the P&L.

Commenting on the company's performance, Mr Ashish Puravankara, Managing Director, Puravankara Limited, said, "For FY24, we achieved pre-sales of Rs 5,914 crores, up by 90% yearon-year, demonstrating our commitment to growth and trust of our customers. We launched 12 projects with a saleable area of 9.47 million square feet, reinforcing our expansion into high-potential micromarkets. As of date, we have successfully secured redevelopment rights and have been appointed as the preferred developer for three redevelopment projects in Mumbai with a potential gross development value of Rs 3,600 crores and are in advance discussions for more projects.

We are happy to announce that we have successfully returned investments of IFC and ASK amounting to Rs 410 crores. In line with our growth plans, to replenish our land bank, we have deployed Rs 300 crores of land advances from internal accruals and debt, showcasing our successful generation of project surpluses and deployment thereof. This quarter's financials reflect increased expenses for presales and G&A towards new acquisitions along with geographic expansion towards future value creation."

Yearly Performance Summary (FY24)

- Area sold: 7.36 msft (+84% Y-o-Y)
- Sales value: Rs 5,914 crores (+90% Y-o-Y)
- Sales realisation: Rs 7,916/sft (2%Y-o-Y)
- Revenue from projects: Rs 2,260 crores (+61% Y-o-Y)
- EBITDA: Rs 531 crores (+23% Y-o-Y)
- Profit: Rs 42 crores (-33% Y-o-Y)
- Net operating surplus: Rs 513 crores (+598% Y-o-Y)

Quarterly Performance Summary (Q4FY24)

- Area sold: 2.35 msft (+94% Y-o-Y)
- Sales value: Rs 1,947 crores (+93% Y-o-Y)
- Sales realisation: Rs 8,285/sft (+0% Y-o-Y)
- Total Revenue: Rs 947 crores (+112% Y-o-Y)
- EBITDA: Rs 139 crores (+30% Y-o-Y)
- Loss: Rs 7 crores (-124% Y-o-Y)

Projected Cash Flows

As of 31st March 2024,

- Total estimated surplus from all completed and ongoing projects is Rs 7,455 crores.
- The estimated surplus from commercial projects stood at Rs 1,356 crores.
- The estimated surplus from the launch pipeline stood at Rs 2,696 crores.
- The total estimated surplus stood at Rs 11,507 crores.


Our net debt stood at Rs 2,151 crores, and the net debt-to-equity ratio stood at 1.14 for Q4FY24. The weighted average cost of debt stood at 11.59% as of 31st March 2024.


India's economy continues to shine, with the National Statistical Office revising its GDP growth estimates for FY24 from 7.3% to 7.6%. This solidifies India's position as one of the fastest-growing economies globally. As part of this growth story, real estate is also poised to reach a market size of USD 1 trillion by 2030, painting a strong picture for future growth. Increased demand for residential real estate aligns well with the growth in economic activity and rising incomes.

Puravankara is well-positioned, financially and operationally, to target growth and increase its market share. We will continue strengthening our presence in the southern markets and increasing investments in new geographies, including West and North. We remain committed to building international-quality products, keeping the customer at the center of our strategy.

Shares of Puravankara Limited was last trading in BSE at Rs. 424.75 as compared to the previous close of Rs. 447.10. The total number of shares traded during the day was 5609 in over 146 trades.

The stock hit an intraday high of Rs. 424.75 and intraday low of 424.75. The net turnover during the day was Rs. 2382422.00.

Source : Equity Bulls


Puravankara INE323I01011 PURVA Realty Q4FY24 FY2024 ResultUpdate FY24