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Puravankara reported net consolidated profit after tax of Rs. 26.75 crore during the quarter that ended on March 31, 2023. It had reported a net consolidated loss after taxes of Rs. 20.06 crore in the similar quarter of the previous fiscal year. The company's net consolidated total income for Q4 FY23 was Rs 446.39 crore, up by 39.44% from the Rs 320.12 crore it reported for the same quarter in FY22.
“We recorded the highest sales income of Rs 3,107 Crore in FY23. This outstanding performance is largely attributable to recent product releases and sustained advancements in the execution of our ongoing projects which also contributed to the significant collections of Rs 2,258 crore,” stated Managing Director of the business, Ashish Puravankara to ET Realty reporters.
The company sold 1.21 million square feet for Rs 1,007 crore in Q4 FY23, representing a year-over-year growth of nearly 21%. The estimated total surplus from all completed and ongoing projects was Rs 6550 Cr. The total value of unsold inventory including new launches in FY23 was Rs 11,232 Cr and the balance collections from sold unit in all launched projects stood at Rs 2,967 Cr as of March 31, 2023. Their net debt for Q4 FY23 was Rs 2,208 crore with a net debt to equity ratio of 1.11. The weighted average cost of debt as of March 31, 2023, was 11.31%.
Purvankara is a renowned real estate developer based in India, known for its expertise in building residential and commercial properties. Established in 1975, the company has played a significant role in shaping the urban landscape across various cities in India. With a diverse portfolio of projects ranging from affordable housing to luxury residences, Purvankara has established a strong reputation for its commitment to excellence, timely delivery, and customer satisfaction.
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