Puravankara Limited, India’s 5th best real estate brand as per Track2Realty BrandXReport 2022-23, has reported its best ever fiscal performance with highest ever sales of INR 5,914 crore in Fiscal Year 2024. The revenue has gone up by 61%.
Sales soared to INR 1,947 crores in Q4FY24, showcasing an excellent 93% Y-o-Y growth. Sales volume for the quarter stood at 2.35 mn sft (+94% Y-o-Y) with a strong collection of INR 1,094 crores (+66% Y-o-Y). Total revenue for Q4FY24 was INR 947 crores, up by 112% Y-o-Y.
For FY24, sales stood at INR 5,914 crores, a staggering 90% Y-o-Y increase. Sales volume increased by 84% to 7.36 mn sq ft with INR 3,609 crores in collections (+60% Y-o-Y). Total revenue increased by 61% Y-o-Y to INR 2,260 crore. Operating cash inflows for FY24 stood at INR 3,948 crores (+41% Y-o-Y), while net operating surplus was INR 513 crores (+598% 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, Ashish Puravankara, Managing Director, Puravankara Limited, said, “For FY24, we achieved pre-sales of INR 5,914 crores, up by 90% year-on-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 micro-markets. 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 INR 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 INR 410 crores. In line with our growth plans, to replenish our land bank, we have deployed INR 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 pre-sales and G&A towards new acquisitions along with geographic expansion towards future value creation,” he added.
Puravankara has a total saleable inventory of INR 16,000 crores with 8.17 million sq ft ongoing projects; 9 mn sq ft not open for sales; and additional 14 mn sq ft in planned new launch. Collectively, the company has a pipeline pre sales value to be pegged at INR 24,000 crores.
Yearly Performance Summary (FY24)
Area sold: 7.36 mn sq ft (+84% Y-o-Y)
Sales value: INR 5,914 crores (+90% Y-o-Y)
Sales realisation: INR 7,916/sq ft (2%Y-o-Y)
Revenue from projects: INR 2,260 crores (+61% Y-o-Y)
EBITDA: INR 531 crores (+23% Y-o-Y)
Profit: INR 42 crores (-33% Y-o-Y)
Net operating surplus: INR 513 crores (+598% Y-o-Y)
Quarterly Performance Summary (Q4FY24)
Area sold: 2.35 mn sq ft (+94% Y-o-Y)
Sales value: INR 1,947 crores (+93% Y-o-Y)
Sales realisation: INR 8,285/sq ft (+0% Y-o-Y)
Total Revenue: INR 947 crores (+112% Y-o-Y)
EBITDA: INR 139 crores (+30% Y-o-Y)
Loss: INR 7 crores (-124% Y-o-Y)
Projected Cash Flows as of 31st March 2024
Total estimated surplus from all completed and ongoing projects is INR 7,455 crores
The estimated surplus from commercial projects stood at INR 1,356 crores
The estimated surplus from the launch pipeline stood at INR 2,696 crores
The total estimated surplus stood at INR 11,507 crores
Debt
The net debt stood at INR 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.
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