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Puravankara, a Bengaluru-based real estate developer, is set to conclude the fiscal year by delivering 2,000 units and developing over 2 million sq ft across Bengaluru, Pune, Chennai, and Mumbai. Abhishek Kapoor, the executive director and chief executive officer, highlighted that around 500 of these units will be plots under Purva Land, with the remainder being apartments. Notably, the company reported robust sales figures in the first nine months of FY24, totaling INR 2115 crore in Purvankara, INR 1374 crore in Provident Housing, and INR 478 crore in Purva Land. Kapoor anticipates Provident and Purva Land to lead sales in the upcoming quarter due to numerous scheduled launches.
In terms of upcoming developments, Puravankara is eyeing locations like Whitefield, Sarjapur, and Bellandur in Bengaluru, Kelambakkam outside Chennai, Khondwa in Pune, and Chembur and Dombivli in Mumbai. For plotted development, ticket sizes will range from INR 18 lakh to INR 90 lakh in Chennai and from INR 80 lakh to INR 1 crore in Bengaluru. Apartments will be priced between INR 65 lakh and INR 1.2 crore across cities.
The company also revealed plans for plotted developments across Bengaluru and Chennai, targeting 1.8 million sq ft in the last three months of the fiscal. Notably, Puravankara announced the launch of Purva Soukhyam, its largest themed plotted development in Chennai, covering 120 acres with approximately 2,200 plots ranging from 600 to 5,000 sq ft. The project, with a gross development value of INR 900 crore, is expected to launch its second phase within the next financial year.
Financially, Puravankara posted a profit of INR 78 crore in Q3FY24, marking a significant 266% year-on-year increase, with a revenue of INR 596 crore. Earnings before interest, taxes, depreciation, and amortization stood at INR 218 crore, up 71% from the same quarter the previous year. The company's net debt decreased to INR 1,741 crore, down by INR 251 crore from the previous quarter, with a net debt-to-equity ratio of 0.85 for Q3FY24.
Moreover, Puravankara is actively engaged in redevelopment projects in Mumbai, participating in 12-plus projects with discussions ongoing for four additional projects. One recent redevelopment project in Mumbai has a development potential of 0.6 million sq ft with a gross development value of INR 1,500 crore. The company is eyeing opportunities in the western suburbs, South Mumbai, and central suburbs, with plans to invest approximately INR 1,000 crore in the western region over the next 9-18 months.
Looking ahead, Puravankara expects occupancy certificates for four projects in Q4: Zenium in Bengaluru, Somerset in Chennai, and Promenade and Tivoli (plotted developments) in Bengaluru. Additionally, the company plans to launch new projects in the fourth quarter, including Provident Botanico and Purva Land S Medahalli in Bengaluru, Provident Bayscape in Chennai, Provident Kenvista in Kondhwa Pune, and new towers in existing projects in Mumbai, such as Purva Clermont and Provident Palmvista.
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