Puravankara Reports Highest-Ever Collections for 9MFY24 and Q3FY24; Pre-Sales of Rs 3,967 Crores for 9MFY24, up by 89% Y-O-Y
BusinessWire India
Bengaluru (Karnataka) [India], January 10: Puravankara Limited (BSE: 532891), one of India's most trusted and admired real estate developers, has recorded a strong sales performance in 9MFY24 with a sales value of Rs 3,967 crores, an increase of 89 per cent compared to Rs 2,100 crores in 9MFY23. Customer collections increased to Rs 2,515 crores compared to Rs 1,597 crores in 9MFY23, indicating a jump of 57 per cent Y-o-Y.
Commenting on the company's performance, Ashish Puravankara, Managing Director, Puravankara Ltd., said, "The first nine months of FY24 has seen exceptional pre-sales, marking a strong growth of 89 per cent Y-o-Y.
Achieving our highest-ever collection of Rs 2,515 crores for 9MFY24 and Rs 941 crores for Q3FY24 is a testament to our significant progress in construction while affirming our commitment to excellence in quality.
The successful launch of two new projects and a promising pipeline of upcoming launches shows our confidence in sustaining this positive momentum. Our focus on efficiency and prompt execution has contributed to these impressive pre-sales and collection numbers."
Outlook
In this fiscal, India remains the world's fastest-growing major economy, with a GDP growth of 7.6 per cent in Q2FY24. This has led the Reserve Bank of India (RBI) to further hike India's GDP forecast to 7 per cent for the year from the earlier forecast of 6.5 per cent.
The Monetary Policy Committee maintained the repo rate unchanged at 6.5 per cent in its December 2023 meeting, opting for a status quo for the fifth consecutive time since February 2023, balancing inflation and thus promoting the economy's growth and the real estate market.
These current positive economic conditions have generated an unprecedented demand for quality residential real estate, and the company is clearly observing it in the sustenance sales of its ongoing projects. The company is optimistic about maintaining this sales momentum. This confidence is rooted in a blend of strategic vision, customer-centric strategies, and an unwavering dedication to maintaining high-quality standards.
Key Sales Highlights
* Achieved sales value of Rs 3,967 crores in 9MFY24. Up by 89 per cent when compared to Rs 2,100 crores in 9MFY23.
* Achieved sales value of Rs 1,241 crore for Q3FY24. Up by 56 per cent compared to Rs 796 crores in Q3FY23.
* Customer collection for 9MFY24 increased to Rs 2,515 crores compared to Rs 1,597 crores in 9MFY23, up by 57 per cent.
* Achieved highest-ever customer collections from the real estate business, which increased to Rs 941 crores in Q3FY24 compared to Rs 621 crores in Q3FY23, up by 52 per cent y-o-y.
* Average price realisation decreased by 2 per cent to Rs 7,610/sft during Q3FY24 from Rs 7,767/sft in Q3FY23. This is attributed to an inventory mix between Purva, Provident Housing and Purva Land brands.
* The company has launched two new projects in this quarter:
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