Puravankara registered sales of Rs 513 crore from ongoing projects according to its Q1FY23 results. The total area sold stood at 0.69 msft.
Financial highlights for Q1 FY 2023
- Consolidated Revenues stood at Rs 297 crore
- EBITDA stood at Rs 139 crore with margins of 47%
- Profit before Tax (PBT) stood at Rs 48 crore
- Profit After Tax (PAT) stood at Rs 35 crore
Operational highlights for Q1 FY 2023
- Area sold stood at 0.69 msft up by 64%, compared to 0.42 msft in the quarter ended June 30, 2021
- Sales value stood at Rs 513 crore up by 63%, compared to INR 314 in the quarter ended June 30, 2021
- Operating inflows stood at Rs 667 Cr up 16% QoQ
As on June 30, 2022, the balance collections from sold units in all launched projects stood at Rs 2,550 crore. Combined with the unsold receivables from launched projects of Rs 4,394 crore, the projected operating surplus of Rs 4,095 crore on the launched portfolio compares favourably against the current outstanding net debt of Rs 1,889 crore.
- Net debt as on June 30, 2022 stood at Rs 1,889 crore
- Net debt to equity stood at 0.91 at the end of the quarter
According to Ashish R Puravankara, managing director, Puravankara Limited, “We are delighted that the new financial year has begun on a positive note, with the Company achieving its highest ever sales in the first quarter of any financial year. This is remarkable as it has been achieved in an inflationary environment and without any new launches. Despite the challenging environment, we see positive customer sentiments, improved affordability, and heightened aspiration to have good quality homes. We expect to ride on this wave of robust sales, strong demand in the sector, and a stable economy. We are upbeat about our new launches, and we will continue to focus on scaling our operations while maintaining a healthy balance sheet. Our budget and expense control measures have put us in a solid position to optimize buoyant sentiments. We remain confident in creating sustained value for all our shareholders by delivering growth and margin expansion through optimal capital utilisation.”