Puravankara achieves highest ever annual and quarterly sales
Real Estate

Puravankara achieves highest ever annual and quarterly sales

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.

Also Read
Housing inventory overhang lowest in 5 years due to robust sales
Tamil Nadu: TNUHDB unveils new housing development

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. Also Read Housing inventory overhang lowest in 5 years due to robust sales Tamil Nadu: TNUHDB unveils new housing development

Related Stories

Gold Stories

Next Story
Real Estate

A Concrete Statement in Jubilee Hills

The Jubilee Hills residence is an exploration of structure as architecture, where mathematical precision, exposed concrete, and engineering discipline come together to create a bold and enduring built form.Constructed with Blushfarbe, HAACE’s bespoke concrete finish, the project demanded exceptional control, as every visible structural element was also required to perform as the final architectural surface. Deep reinforced concrete roof frames extend into the vertical façade, while precision-cast fluted surfaces, rhythmic vertical fins, circular columns, and a cantilevered staircase create ..

Next Story
Infrastructure Energy

Hindustan Zinc raises renewable power share to 22 per cent

Hindustan Zinc has increased the share of renewable energy in its overall power consumption to 22 per cent, up from around 18 per cent in FY26, as it advances towards sourcing 70 per cent of its power requirements from renewable sources by FY28.During FY26, the company generated 892 million units of green power, up from 632 million units in FY25. It has also expanded its round-the-clock renewable power arrangement with Serentica Renewables from 450 MW to 530 MW to support the transition.Hindustan Zinc is strengthening its renewable energy portfolio through solar, wind and energy storage soluti..

Next Story
Resources

Crompton unveils new brand identity and super-premium platform

Crompton Greaves Consumer Electricals Ltd. has unveiled a new master brand identity as part of its Crompton 2.0 transformation, alongside the launch of its super-premium brand Crompton Rhion and the strengthening of its Energion platform.The refreshed identity introduces Cephyr, a new emblem inspired by sapphire and Zephyrus, the Greek wind, representing Crompton’s evolution towards a design-led, consumer-centric brand. The new brand promise, ‘Amazing, Every Day’, is supported by a new sonic identity that will be rolled out across advertising, digital platforms, products and retail envir..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement