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Puravankara Results: Firm posts loss of Rs 21 crore in Q2

Puravankara, a Bengaluru-based actual property firm, reported a lack of Rs 21 crore within the quarter that ended September FY23, in comparison with a revenue of Rs 12 crore within the corresponding quarter final yr, even because it clocked its highest-ever gross sales for the quarter and the primary half of any monetary yr, pushed by sturdy demand and a rise in common property costs.

The corporate’s income, web revenue, and EBITDA took successful because of the adoption of recent accounting norms that observe the finished contract methodology of income recognition.

For the July-September quarter, Puravankara reported Rs 793 crore in gross sales, up by 33% in the identical interval final fiscal.

For H1, the gross sales worth for the corporate touched Rs. 1,304 crores, up 43% in comparison with the identical interval final fiscal yr.

For the half-year interval, the corporate offered 1,329 models totalling 1.75 million sq. toes, up from 926 models masking 1.33 million sq. toes throughout H1 of the earlier fiscal yr.

The sale realisations improved to Rs. 7,454 per sq. ft. from Rs. 6,845 per sq. ft. final yr, an enchancment of 9%.

“The shopper collections throughout H1FY23 stood at Rs 925 crore, which was Rs 620 crore for a similar interval final monetary yr: implying a rise of virtually 50%. The steadiness of collections from offered models in all launched tasks was Rs 2,640 crores as of September,” mentioned Abhishek Kapoor, CEO of Puravankara.

The corporate has already used the primary installment of Rs. 93 crore from the Purva Actual Property Fund to purchase a 52-acre piece of land in Chennai for a deliberate growth venture.

This venture is deliberate to be launched within the subsequent 6–9 months. The agency can also be evaluating a couple of extra alternatives to deploy the funds raised by the Purva Actual Property Fund.

“We are going to proceed to give attention to scaling our operations whereas sustaining a wholesome steadiness sheet. We’re decided on two points: new launches in every quarter and steady building and supply for our ongoing venture, which retains growing with every launch,” mentioned Kapoor.

Up to now 2-3 quarters, the corporate has already invested over Rs 100 crore in direction of the launch pipeline of 15 msf for FY 22–23, with a venture worth of Rs 9,000 crore.

The corporate at the moment has 12.36 million sq. toes of tasks beneath building throughout the Puravankara and Provident manufacturers.

Puravankara has web debt of Rs 1889 crore as of the primary quarter of FY23.

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