![Puravankara Q4 Results: Loss narrows to Rs 7 crore YoY; revenue shoots up 112% YoY](https://img.etimg.com/thumb/msid-110371470,width-210,height-158,imgsize-4802,resizemode-75/puravankara-q4-results-loss-narrows-to-rs-7-crore-yoy-revenue-shoots-up-112-yoy.jpg)
The firm has launched 12 projects with a saleable area of 9.47 million square feet, reinforcing its expansion into high- potential micro-markets for the fourth quarter (Q4FY24) ending March 31, 2024.
The total estimated surplus from the launch pipeline ongoing and completed projects stood at Rs 11,507 crores for the full year.
“ As of date, we have successfully secured redevelopment rights and have been appointed as the preferred developer for three redevelopment projects in Mumbai with a potential gross development value of Rs 3600 crore s and are in advanced discussions for more projects,” said Ashish Puravankara, Managing Director, Puravankara Limited.
The firm has reported a loss of Rs 7 crore for the fourth quarter of FY24, a decrease of 124% year-on-year (y-o-y). However, net revenue saw an increase of 112% to Rs 947 crore for the quarter ended March FY24 compared to the corresponding quarter last year.
“This quarter's financials reflect increased expenses for pre- sales and G&A towards new acquisitions along with geographic expansion towards future value creation,” said Abhishek Kapoor CEO Puravankara.
For the quarter ended March 2024, the company’s sales increased to Rs 1,947 crore, a 93 per cent y-o-y growth. Sales volume for the quarter stood at 2.35 msft, over 94 percent y-o-y jump, with a strong collection of Rs 1,094 croreup 66 percent y-o-y. The sales realisation stood at Rs 7,916 per sqft.
For the full year net revenue increased by 61% y-o-y to Rs 2,260 crore, while net operating surplus was Rs 513 crore, a 598 percent y-o-y increase.
During the year it returned capital to IFC and ASK amounting to Rs 410 crore and has deployed Rs 300 crore of land advances from internal accruals and debt.
The firm’s net debt stood at Rs 2,151 crore with a net debt-to-equity ratio of 1.14 for Q4FY24.
The weighted average cost of debt stood at 11.59% as of 31st March 2024.
Puravankara is well-positioned, financially and operationally, to target growth and increase its market share. It will continue strengthening its presence in the southern markets and increasing investments in new geographies, including West and North.
The group has also forayed into developing Grade-A commercial real estate with a presence of 3 million square feet and is expanding its footprint rapidly.
As of March 31, 2024, Puravankara has completed 86 residential and commercial projects measuring 50 million sq ft across nine cities - Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi,
Mumbai, Pune, and Goa. The company's total land bank stood at 36 mn sq ft as on March 2024.
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