Puravankara Limited, one of India’s most trusted and admired real estate developers, announced its financial results for the second quarter (Q2FY24) ending September 30, 2023, the company on Wednesday annouced through an exchange filing.
The company recorded sales of Rs 1,600 crores, an increase of 102 percent Y-o-Y. Sales volume for the quarter stood at 2.01 msft, up by 89 percent Y-o-Y with a strong collection of Rs 879 crores (+70 percent Y-o-Y).
Average price realisation increased by 7 percent to Rs 7,947/sq ft during the quarter, up from Rs 7,396/sq ft in Q2FY23. Operating cash inflows for H1FY24 stood at Rs 1,756 crores (+31 percent Y-o-Y), and revenue from projects stood at Rs 368 crores (+54 percent Y-o-Y).
The company launched one new project, Provident Ecopolitan (Bengaluru), and new phases for Purva Park Hill (Bengaluru) and Purva Windermere (Chennai), totaling 2.09 msft.
Ashish Puravankara, Managing Director, Puravankara Limited, said, “While the residential real estate industry grew by 6% on a Y-o-Y basis, Puravankara Group delivered a phenomenal performance in the second quarter resulting in an exponential increase of pre-sales by 102% Y-o-Y, driven by our strong brand and robust product portfolio. The collections grew by 70%, amounting to INR 879 crores on a Y-o-Y basis, a testimony to the company's strong."
Puravankara Limited shares
The shares of Puravankara Limited on Wednesday at 11:24 am IST were at Rs 155.20, up by 0.71 percent.
