Puravankara Continues to Display Strong Performance in H1FY24, Records Rs 2,725 crores in Sale Value, up by 109 per cent
BusinessWire India
Bengaluru (Karnataka) [India], October 10: Puravankara Limited (BSE: 532891), one of India's most trusted and admired real estate developers, recorded a sale value of Rs 1,600 crores for Q2FY24. This is the highest-ever for any quarter since inception, a 102 per cent increase, compared to Rs 791 crores of sale value in Q2FY23.
The company also achieved a sale value of Rs 2,725 crores in H1FY24. Up by 109 per cent when compared to Rs 1,304 crores in H1FY24.
Commenting on the update, Ashish Puravankara, Managing Director of Puravankara Limited, said, "For the second quarter of FY24, pre-sales have increased more than twofold, showing a remarkable growth of 102 per cent compared to the same period last year.
With a robust pipeline of upcoming project launches, we are confident that we will sustain the momentum of pre-sales growth. These new launches are complemented by noteworthy achievements in sustenance sales, supported by efficient and swift execution, resulting in a 70 per cent year-on-year increase in collections.
These continuous improvements signify our company's commitment to optimising operational efficiency, enhancing profitability, and strengthening our financial foundation.
As we embark on the path of driving incremental growth, our focus on new acquisitions is a key element of our expansion strategy. By strategically identifying and integrating businesses that complement our strengths and objectives, we aim to diversify our portfolio, enter new markets, and capitalise on emerging trends. We are confident to maintain the sturdy growth in pre-sales driven by new launches as well as sustenance projects."
Key Sales Highlights
* Achieved highest ever sale value of INR 1,600 crores in any quarter and the second quarter of any financial year since inception. Up by 102 per cent compared to INR 791 crores in Q2FY23.
* Achieved sale value of INR 2,725 crores in H1FY24. Up by 109 per cent when compared to INR 1,304 crores in H1FY24.
* Customer collections from the real estate business increased to INR 879 crores in Q2FY24 in comparison to the customer collection of INR 518 crores in Q2FY23 which implies a jump of 70 per cent YoY.
* Average price realisation increased by 7 per cent to INR 7,947/sft during Q2FY24 from INR 7,419/sft in Q2FY23.
* The company has launched 1 new project and 2 new phases in this quarter:
Quarterly Performance Summary:
Half Yearly Performance Summary:
Outlook
The Indian economy grew at 7.8 per cent in the first quarter of the current fiscal year, according to the data shared by National Statistical Office. The Reserve Bank of India (RBI) retained its GDP growth forecast of 6.5 per cent for FY 2023-24. The real estate sector is expected to expand to $5.8 trillion by 2047, contributing 15.5 per cent to the GDP from an existing share of 7.3 per cent, a joint report by Knight Frank and National Real Estate Development Council (NAREDCO) indicates.
The stability of unchanged interest rates is a significant catalyst, promoting growth and encouraging potential buyers to invest in the residential market.
As we enter the festive season, the group is confident of continuing this strong momentum with the upcoming festive season. Puravankara Limited remains poised for continued growth, fuelled by strategic foresight, market resilience, customer-centric approaches, and an unwavering commitment to quality.
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