Highest ever sale value of INR 796 crore for Q3 of any financial year since inception
Strong customer collection of INR 621 crore for Q3FY23
Total revenue for the quarter stood at INR 410 crore; growth of 67% Y-o-Y
PAT for the quarter stood at INR 21.29 crore
Puravankara Limited (BSE:532891) in its third quarter (Q3FY23) ending December 31, 2022, Financial results has achieved its best ever performance for the given quarter.
Commenting on the company’s performance, Ashish Puravankara, Managing Director, Puravankara Limited, said, “We have recorded the highest ever sales booking of INR 2,100 crore in the first nine months of the financial year. This outstanding result was supported with the launch of seven new projects in 9MFY23, as well as the continuing interest by home buyers in our ongoing projects.”
On Puravankara’s future plans he said, “We will continue to work towards expanding our market share,and we are excited to announce that in Q3FY23 the group has achieved increased revenue from projects by 77%, increased collection from operations by 87% from construction and delivery against the similar quarter in the previous year. This is supported by increased sales and new launches of over 4.11 msft in 9MFY23 with the last quarter of the current financial year adding another 2.17 msft. Our per Sq. Ft. of debt on under construction area has reduced by 49% from INR 2,524 to INR 1,291 over the last four years.
“Our focus continues to be on the customer with our ‘You philosophy’, and the results are a testament to the team’s commitment, anchored by Puravankara’s value loads of quality, trust, and customer experience,” he added.
Highlights
Operational Highlights for Q3FY23
Area sold stood at 1.02 msft (+3% Y-o-Y)
Sales value stood at INR 796 crore (+20% Y-o-Y)
Sales realization stood at INR 7,767 per Sq. Ft. (+15%Y-o-Y)
Consolidated Q3FY23 Financial Performance
Net Revenues stood at INR 410 crore (+67% Y-o-Y)
EBITDA stood at INR 128 crore (+51% Y-o-Y)
Profit After Tax stood at INR 21 Cr. (1,213% Y-o-Y)
Cash Flows
As on 31st Dec 2022:
Balance collections from sold units (completed + ongoing) in all launched projects stood at INR 2,643 crore
Total estimated value of unsold inventory open for sale stood at INR 5,641 crore
Total estimated pending project cost to be incurred stands at INR 3,517 crore
Total balance estimated collection from sold and unsold inventory including not open for sale is INR 12,582 crore
Total estimated surplus after construction cost and contingency is INR 6,774 crore
Debt
The overall net debt reduced by INR 109 crore, from INR 2,144 crore (as of Q2FY23) through operations, while debt increased by INR 100 crore (in Q3FY23) owing to land acquisition resulting into overall net debt of INR 2,135 crore
While the repo rate increased over a 12-month period by 225 bps, cost of debt for the group has increased by only 67 bps. The weighted average cost of debt stood at 11.18% as of 31st December 2022
Net debt to equity ratio stood at 1.09 for Q3FY23
Outlook
In spite of the rise in home loan rates, we see sustained strong demand, particularly for grade A developers. The government’s focus on infrastructure, investment and housing for all in the budget is commendable. The steep hike in outlay for the PM Awas Yojana by 66% to INR 79,000 crore. will give the much-needed fillip to the affordable housing sector. Estimated growth rate of over 6% for the Indian economy for the next financial year is likely to support the current momentum of sales in the real estate sector.
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