Puravankara edges higher after recording sales of Rs 1,331 crore in Q2 FY25

Puravankara added 1.88% to Rs 401.55 after the company reported 18% growth in sales to Rs 1,331 crore in Q2 FY25 from Rs 1,128 crore in Q1 FY25.

The company has achieved a sale value of Rs 2,459 crore in H1 FY25.

Customer collections reached Rs 1,033 crore in Q2 FY25 compared to Rs 879 crore in Q2 FY24, up by 18% YoY. For H1FY25, customer collections increased to Rs 1,998 crore, up by 27% compared to Rs 1,575 crore for H1 FY24.

Average price realisation for Q2 FY25 was Rs 8,697 per square feet, higher by 9% as compared to Rs 7,947 per square feet recorded in Q2 FY24.

 

In Q2 FY25, Puravankara acquired the redevelopment rights for Miami Apartments at Breach Candy, with a potential GDV of Rs 700 crore, marking its entry into the luxury South Mumbai market.

Additionally, the company expanded its footprint in Lokhandwala, Andheri West, adding a new cluster of four societies (potential GDV of Rs 700 crore), to its existing redevelopment projects bringing the total land area in the region to around 4.3 acres with a combined potential GDV of Rs 2,350 crore for the project.

The company has signed a joint development agreement (JDA) for a 1.95-acre land parcel at a prime location in the Electronics City micro-market. This land parcel, adjacent to the Purva Westend project, will have a saleable area of 2.6 lakh sft with a potential GDV of Rs 250 crore.

Ashish Puravankara, managing director, Puravankara, said: "Our performance continues to reflect robust housing demand across key markets, driven by our strategic focus on customer-centric offerings and operational efficiencies.

In the first half of the fiscal, we witnessed sustained traction across our portfolio and continued to replenish our land bank by acquiring over 5.75 million square feet of saleable area in Mumbai, Bengaluru and Goa with a total potential GDV of around Rs 10,000 crore plus in this financial year.

We remain confident in maintaining this growth momentum as we prepare for the festive season, with over 12 million square feet of new launches for the second half of the financial year with potential GDV of over Rs 13,000 crore."

The Puravankara Group is involved in real estate development, with residential assets constituting most of its portfolio. It is present in both the premium and the affordable housing segments under the brandsurva and Provident, respectively. The group has major operations in Bangalore, with considerable presence in Chennai, Kochi and Hyderabad, apart from Pune.

The company reported consolidated net profit of Rs 15.13 crore in Q1 FY25 as compared with net loss of Rs 17.87 crore posted in Q1 FY24. Revenue from operations surged 103.7% year on year (YoY) to Rs 658.33 crore in the quarter ended 30 June 2024.

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