Puravankara Limited has announced that the India Ratings and Research (Ind-Ra) had upgraded its long-term rating from 'IND BBB+' to 'IND A-'.
"We deeply value the Ind-Ra's recognition of Puravankara's management of debt obligation, a prudent business strategy that helped achieve this positive and stable upgrade. Our 46-year-old legacy is built on trust. The new rating is a testament to our unmatched integrity and credibility. It also strengthens our position as a favourable brand among customers and investors," said Ashish R. Puravankara, Managing Director, Puravankara Limited.
The positive rating can be attributed to a myriad of factors. Puravankara Limited has reduced its net debt while significantly increasing its pre-sales. Secondly, the company'sambitious launch pipeline,which will help monetise its large land bank and improve cash flows, was also an important contributor. Additionally, Puravankara's net debt to net working capital is also expected to decline. One of the key drivers for the rating was its move towards de-risking and diversification of its geographic portfolio. Puravankara's multiple sources of financing, timely receipt of regulatory approvals, and reduced project execution risk have also resulted in the ratings' upgrade.
The IND A- rating is seen as a milestone that scales our creditworthiness. It further determines Puravankara's long-term future, which is currently rated as positive within the real estate market.
Shares of Puravankara Limited was last trading in BSE at Rs. 126.35 as compared to the previous close of Rs. 127.4. The total number of shares traded during the day was 323019 in over 4458 trades.
The stock hit an intraday high of Rs. 137 and intraday low of 123.8. The net turnover during the day was Rs. 42420129.