Mon. Sep 26th, 2022

Puravankara recorded sales of Rs 513 crore from ongoing projects based on its Q1FY23 results. The total area sold stood at 0.69 msft.

Financial Highlights for the First Quarter of Fiscal Year 2023

  • Consolidated Revenues were located at 297 crore
  • EBITDA stood at Rs 139 crore with margins of 47%
  • Earnings before taxes (PBT) stood at 48 crores
  • The profit after taxes (PAT) stood at 35 rupees crores of rupees

FY2023 Q1 Operational Highlights

  • Sold area stood at 0.69 msft, up 64%, compared to 0.42 msft in the quarter ended June 30, 2021
  • Sales value stood at Rs 513 crore up 63%, compared to INR 314 in the quarter ended June 30, 2021
  • Operating income stood at Rs 667 Cr up 16% qoq

Cash flow

As of June 30, 2022, balance collections from units sold across all launched projects amounted to Rs 2,550 crore. Combined with unsold receivables from launched projects of Rs 4,394 crore, the projected operating surplus of Rs 4,095 crore in the launched portfolio compares favorably with the current outstanding net debt of Rs 1,889 crore.

Debt

  • Net debt as of June 30, 2022 was Rs 1,889 crore
  • Net debt to equity stood at 0.91 at the end of the quarter

According to Ashish R Puravankara, Managing Director of Puravankara Limited, “We are delighted that the new fiscal year has started on a positive note, with the Company achieving its highest sales in the first quarter of any fiscal year. This is remarkable as it has been achieved in an inflationary environment and with no new releases. Despite the challenging environment, we see positive customer sentiment, increased affordability, and increased aspiration for quality housing. We look forward to riding this wave of strong sales, strong demand in the sector and a stable economy. We are optimistic about our new launches and will continue to focus on scaling our operations while maintaining a healthy balance sheet. Our budget and expense control measures have put us in a strong position to optimize upbeat sentiments. We remain confident in creating sustained value for all of our shareholders by generating growth and margin expansion through optimal utilization of capital.”

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Read More: Puravankara registers sales at Rs 513 crore