Puravankara achieves highest ever annual and quarterly sales

14 Apr 2023 CW Team

Puravankara, a real estate firm, has achieved its highest annual and quarterly sales in any fiscal year since its inception. The company sold Rs. 1,007 crore in Q4 and a total of Rs. 3,107 crore in FY23.

"The company has consistently grown during FY23, indicating our ongoing efforts to gain market share." "We expect our pre-sales growth momentum to continue in the coming quarters, driven by a healthy pipeline of new launches totaling 14 million sqft," said Ashish Puravankara, Managing Director.

In addition, the company reported a 57% increase in customer collections from the real estate business, which increased to Rs. 2,258 crore in FY23 from Rs. 1,440 crore in FY22. The average price realization also increased by 14% to Rs. 7,768 per sqft during FY23 from 6,838 per se ft in FY22.

According to industry experts, the unchanged repo rates will support the current growth momentum, with large builders potentially gaining market share. The top seven markets had the highest quarterly sales in more than ten years. According to ICRA, the area sold in 9M FY2023 increased to 412 msf from 307 msf in the same period the previous year, owing to continued end-user demand and good affordability.

Puravankara's total net debt was Rs 2,135 crore as of December 31, 2022, with a weighted average cost of debt of 11.18%. The company has a total land bank of 57 million square feet.

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