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Volumes jumped by 97% YoY to 1.36 million square feet (msft) while realization rose by 11% YoY to Rs 8,277per square feet in Q1 FY24.
As compared with Q4 FY23, the company's sale value and sale volume both rose by 12% while realization fell 0.42%, respectively.
The realty firm said that it has achieved highest ever sale value of Rs 1,126 crore in any quarter and the first quarter of any financial year since inception. Up by 119% compared to Rs 513 crore in Q1FY23.
Customer collections from the real estate business increased to Rs 696 crore in Q1FY24 in comparison to the customer collection of Rs 458 crore in Q1FY23 which implies a jump of 52% YoY.
Average price realization increased by 11% to Rs 8,277/sft during Q1FY24 from 7,436/sft in Q1FY23.
Ashish Puravankara, managing director of Puravankara, said, “Our unwavering dedication to growth and our ongoing efforts to capture a larger market share has resulted in the highest-ever Q1 sales in the history of the company. This is a remarkable achievement. This quarter pre-sales has more than doubled (119% growth on Y-o-Y basis) vs Q1FY23.
With a strong pipeline of new launches, we are confident that we will continue to drive our pre-sales growth momentum. Our new launches are complemented by impressive sustenance sales achievements, supported by efficient and fast-paced execution leading to increased collections by 52% on a Y-o-Y basis.
Additionally, I am delighted to share that continuous improvement in business performance and cash flows will give the company a fillip to steer incremental growth through new acquisitions in line with our future goals.”
The Puravankara Group is involved in real estate development, with residential assets constituting most of its portfolio. It is present in both the premium and the affordable housing segments under the brands—Purva and Provident, respectively. The Group has major operations in Bangalore, with considerable presence in Chennai, Kochi and Hyderabad, apart from Pune.
The company reported consolidated net profit of Rs 26.66 crore in Q4 FY23 as compared with net loss of Rs 20.08 crore in Q4 FY22. Net sales jumped 31.6% year on year to Rs 388.99 crore in Q4 FY23.
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