Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
Puravankara Limited, a prominent player in India's real estate sector, reported its financial performance for the first quarter of the year. While the company has experienced growth in certain areas, it also faced challenges resulting in a net loss.
In terms of consolidated income, Puravankara recorded a significant increase of 12.93 percent, reaching Rs. 335.81 crore in the first quarter compared to Rs. 297.35 crore in the previous year. However, the company reported a net loss of Rs. 17.86 crore for the quarter, which is a deviation from the profit of Rs. 34.44 crore it earned in the same period of the previous year.
Several factors contributed to these financial results. The company's expenses, particularly marketing expenses, have been rising. Additionally, the value of unsold inventory significantly impacted the financials. Despite these challenges, Puravankara's income and profits had been increasing, and presales were on a positive trajectory, more than doubling year-on-year by 119%. The company achieved sales of Rs. 1,126 crore during the period.
The average price realization also saw an increase of 11%, reaching Rs. 8,227 per square foot compared to Rs. 7,436 in the same quarter of the previous year. The net debt of the company decreased by Rs. 89 crore from the previous year, bringing the net debt to equity ratio to 1.07 for Q1FY24.
Puravankara Limited remains a trusted and renowned player in the Indian real estate industry with a presence in multiple major cities. The company has undertaken new projects and aims to drive pre-sales growth further. Despite the current challenges leading to a net loss, the company's history of achievements and its efforts to expand its offerings indicate a commitment to providing quality housing options to people across different regions.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
