Puravankara Reports a 56% Surge in Q3 Sales, Reaching Rs 1,241 Crore

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    Puravankara Ltd, a Bengaluru-based real estate developer, disclosed a remarkable 56% increase in sales, totaling Rs 1,241 crore in Q3 FY24, according to a regulatory filing on January 10. The company also witnessed a significant rise in customer collection, reaching Rs 941 crore, marking a substantial 52% surge from the previous year.

    Shift in Price Realization and Project Launches

    While reporting a 2% decrease in average price realization to Rs 7,610 per sq ft in Q3 (compared to Rs 7,767 per sq ft in the prior year), the company attributed this shift to an inventory mix involving Purva, Provident Housing, and Purva Land brands.

    During the quarter, Puravankara launched two projects, Provident Deansgate in Bengaluru and Purva Soukhyam in Chennai, totaling 1.12 million sq ft (msf).

    Strong Performance in FY24’s Initial Nine Months

    In the initial nine months of FY24, Puravankara accomplished a sales value of Rs 3,967 crore, marking an impressive 89% growth over the preceding fiscal. The customer collection during this period surged by 57% to Rs 2,515 crore, reflecting the company’s consistent positive performance.

    Forward Momentum and Growth Outlook

    Ashish Puravankara, the managing director of Puravankara Ltd, expressed satisfaction with achieving the highest-ever collection of Rs 2,515 crore in the initial nine months, emphasizing the company’s significant strides in construction and its commitment to maintaining quality standards. He also highlighted the successful launch of two new projects and an optimistic pipeline of upcoming launches, signifying the company’s confidence in sustaining its positive trajectory.

    Market Response and Share Surge

    Following the notable 56% surge in Q3 sales, shares of Puravankara surged by 10.5%, hitting a 52-week high of Rs 244.10, indicating strong market response and investor confidence in the company’s performance.

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