Puravankara has reported a net consolidated profit after tax of Rs 147.8 million for the quarter ended June 30, 2024, a significant turnaround from the Rs 178.6 million loss recorded in the same quarter last year. The company's net consolidated total income stood at Rs 6.75 billion in Q1 FY25, marking a 101.17% increase from Rs 3.35 billion in the corresponding quarter of the previous fiscal.

Ashish Puravankara, Managing Director, attributed the revenue increase to the higher delivery of 929 units, representing a 108% growth over the previous year. He noted that while the company sold 1.29 million sq ft, the focus was on replenishing the land bank, with Rs 7.62 billion deployed for land acquisition in MMR, Goa, and Bengaluru.

During the quarter, Grand Hills Developers, a wholly-owned subsidiary of Puravankara, issued 25,500 listed, secured, rated, redeemable, non-convertible debentures, aggregating to Rs 2.55 billion. The company achieved a quarterly sales value of Rs1,128 crore in Q1 FY25, nearly matching the Rs 11.26 billion achieved in Q1 FY24, despite planned launches being deferred to Q2 FY25. Additionally, quarterly customer collections from the real estate business rose by 39% year-on-year; reaching Rs 9.65 billion in Q1 FY25 compared to Rs 6.96 billion in Q1 FY24. The net debt stood at Rs 22.37 billion for Q1 FY25.

(Source:ET)