Puravankara Ltd reports highest ever Q1 sales of Rs 513 crores

Bengaluru (Karnataka) [India], August 12 (ANI/BusinessWire India): Puravankara Limited announced its results for the first quarter of FY23.

- Recorded highest ever first-quarter sales of Rs 513 crores from ongoing projects, area sold stood at 0.69 msft

- Profit After Tax for Q1FY23 at Rs 35 Crore up 258 per cent qoq

- Operating inflows stood at Rs 667 Cr up 16 per cent 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 favourable 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. As a customer-centric entity, our primary focus will be to offer our customers high-quality products and a seamless homebuying experience. 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 utilization."

Operational Highlights for Q1FY23

- Area sold stood at 0.69 msft up by 64 per cent, compared to 0.42 msft in the quarter ended June 30, 2021

- Sales value stood at Rs 513 crore up by 63 per cent, compared to Rs 314 in the quarter ended June 30, 2021

- Operating inflows stood at Rs 667 Cr up 16 per cent qoq

Consolidated Financial Performance (As per IND-AS 115) for the quarter ended 30th June 2022

- Consolidated Revenues stood at Rs 297 crores

- EBITDA stood at Rs 139 crores with margins of 47 per cent

- Profit before Tax (PBT) stood at Rs 48 crores

- Profit After Tax (PAT) stood at Rs 35 crores

Cash Flows

As on June 30, 2022, the balance collections from sold units in all launched projects stood at Rs 2,550 crores. Combined with the unsold receivables from launched projects of Rs 4,394 crores, the projected operating surplus of Rs 4,095 crores on the launched portfolio compares favourably against the current outstanding net debt of Rs 1,889 crores.

Debt

- 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

DISCLAIMER:

Some of the statements in this communication may be 'forward-looking statements within the meaning of applicable laws and regulations. Actual results might differ substantially from those expressed or implied. Important developments that could affect the company's operations include changes in the industry structure, significant changes in the political and economic environment in India and overseas, tax laws, duties, litigation and labour relations.

This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)