Puravankara Limited - Operational Update for Q2FY24 & H1FY24

The Indian economy grew at 7.8% in the first quarter of the current fiscal year according to the data shared by National Statistical Office. RBI has retained its GDP growth forecast of 6.5% for FY 2023-24.

Real estate sector is expected to expand to $5.8 trillion by 2047, contributing 15.5% to the GDP from an existing share of 7.3%, a joint report by Knight Frank and National Real Estate Development Council (NAREDCO) said.

The stability provided by unchanged interest rates is indeed a significant catalyst, promoting growth and encouraging potential buyers to invest in the residential market.

As we enter the festive season, Puravankara Group expresses confidence in continuing its strong momentum. We remain poised for continued growth, fuelled by a combination of strategic foresight, market resilience, customer-centric approaches, and an unwavering commitment to quality.

Key Sales Highlights

- Achieved highest-ever sales value of INR 1,600 Crore in any quarter and the second quarter of any financial year since inception. Up by 102% compared to INR 791 Crore in Q2FY23.

- Achieved sales value of INR 2,725 crores in H1FY24. Up by 109% when compared to INR 1,304 Crore in H1FY24.

- Customer collections from the real estate business increased to INR 879 Crore in Q2FY24 in comparison to the customer collection of INR 518 Crore in Q2FY23 which implies a jump of 70% YoY.

- Average price realisation increased by 7% to INR 7,947/sft during Q2FY24 from INR 7,419/sft in Q2FY23.

- We have launched 1 new project and 2 new phases in this quarter

Ashish Puravankara, Managing Director of Puravankara Ltd., said, "For the second quarter of FY24 pre-sales have increased more than twofold, showing a remarkable growth of 102% compared to the same period last year.

With a robust pipeline of upcoming project launches, we are confident that we will sustain the momentum of pre-sales growth. These new launches are complemented by noteworthy achievements in sustenance sales, supported by efficient and swift execution, resulting in a 70% year-on-year increase in collections.

These continuous improvements signify our company's commitment to optimising operational efficiency, enhancing profitability, and strengthening our financial foundation.

As we embark on the path of driving incremental growth, our focus on new acquisitions is a key element of our expansion strategy. By strategically identifying and integrating businesses that complement our strengths and objectives, we aim to diversify our portfolio, enter new markets, and capitalise on emerging trends. We are confident to maintain the sturdy growth in pre-sales driven by new launches as well as sustenance projects."

Shares of Puravankara Limited was last trading in BSE at Rs. 135.80 as compared to the previous close of Rs. 123.60. The total number of shares traded during the day was 272055 in over 4949 trades.

The stock hit an intraday high of Rs. 141.05 and intraday low of 124.40. The net turnover during the day was Rs. 36995041.00.

Source : Equity Bulls

Keywords

Puravankara INE323I01011 Realty OperationalUpdate Q2FY24 H1FY24