Puravankara has recorded highest ever first quarter sales of INR 513 crores from ongoing projects, area sold stood at 0.69 msft. Profit After Tax for Q1FY23 at INR 35 Crore up 258% qoq. Operating inflows stood at INR 667 Cr up 16% qoq.
Commenting on the company’s performance, Ashish R Puravankara, Managing Director, Puravankara Limited, said, “We believe India’s real estate will continue to witness sustained growth momentum, which will be fueled by favorable market forces, government measures, and positive customer sentiment. 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. And 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,” he added.
Operational Highlights for Q1FY23
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 INR 513 crore up by 63%, compared to INR 314 in the quarter ended June 30, 2021
Operating inflows stood at INR 667 Cr up 16% qoq
Consolidated Financial Performance (As per IND-AS 115) for the quarter ended 30thJune 2022
Consolidated Revenues stood at INR 297 crores
EBITDA stood at INR 139 crores with margins of 47%
Profit before Tax (PBT) stood at INR 48 crores
Profit After Tax (PAT) stood at INR 35 crores
Cash Flows
As on 30th June 2022, the balance collections from sold units in all launched projects stood at INR 2,550 crores. Combined with the unsold receivables from launched projects of INR 4,394 crores, the projected operating surplus of INR 4,095 crores on the launched portfolio compares favourably against the current outstanding net debt of INR 1,889 crores.
Debt
Net debt as on 30th June 2022 stood at INR 1,889 Crore
Net debt to equity stood at 0.91 at the end of the quarter
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