Puravankara announced its financial results for the first quarter of FY25, ending 30 June, 2024. The company reported a revenue of Rs 676 crore, marking a significant 101 per cent year-on-year growth. This surge in revenue is attributed to the higher delivery of 929 units, representing a 108 per cent increase over the previous year.
Despite deferring planned launches to Q2 FY25, Puravankara achieved a quarterly sales value of Rs 1,128 crore, consistent with Rs 1,126 crore in Q1 FY24. The company's customer collections from the real estate business reached Rs 965 crore in Q1 FY25, a 39 per cent increase compared to Rs 696 crore in Q1 FY24. The average price realisation also saw a 6 per cent year-on-year increase to Rs 8,746 per square foot.
Ashish Puravankara, Managing Director of Puravankara, highlighted the company's commitment to operational excellence, stating, “The revenue recognized went up to Rs 676 crores on account of higher delivery of 929 units, a 108 per cent growth over last year’s delivery, demonstrating our commitment and focus on operations. While the company sold 1.29 million square feet, our focus was on replenishing our land bank. The company deployed Rs 762 crores for land acquisition in MMR, Goa, and Bengaluru.”
Operational highlights for Q1 FY25 include a sales value of Rs 1,128 crore, an average price realisation of Rs 8,746 per square foot, and a delivered area of 1.16 million square feet, up from 0.49 million square feet in Q1 FY 24. Consolidated Q1 FY25 financial performance showed a revenue from projects of Rs 676 crore, marking a 101 percent year-on-year increase, an EBITDA of Rs 148 crore, reflecting a 96 percent year-on-year increase, and a profit of Rs 15 crore compared to a loss of Rs 17 crore in Q1 FY24. The net debt stood at Rs 2,237 crore for Q1 FY25.
The Indian real estate sector is poised for robust growth in FY25, driven by the country's strong economic performance and rising demand across residential, commercial, and industrial segments. The IMF has revised India's GDP forecast to 7 per cent from 6.8 per cent for FY25. Increased urbanisation, infrastructure development, and favourable government policies are boosting homebuyer confidence. The residential sector is witnessing a continued surge in demand, with overall inventory overhang reduced from 3.7 years in 2017 to 1.3 years in Q1 CY 2024. Puravankara is expected to experience sustained growth, supported by a conducive economic environment and evolving consumer preferences.
