Puravankara Announces Total Interim Dividend Payout of Rs 149 Crores for Shareholders
Jan 31, 2024
BusinessWire India
Bengaluru (Karnataka) [India], January 31: Puravankara Limited (BSE: 532891), one of India's most trusted and admired real estate players, announced an interim dividend payout of Rs 6.30 per share for the financial year 2023-24 on 23,71,49,686 equity shares of face value of Rs. 5 each with a total dividend payout of Rs 149.40 crores. The dividend will be paid to those shareholders whose names stand on the Register of Members of the Company as of February 1, 2024.
Ashish Puravankara, Managing Director, Puravankara Limited, said, "Our shareholders have remained steadfast in their support during the absence of dividend payouts in FY20 and FY21 due to the challenges posed by the COVID-19 pandemic. They continued to support business operations and facilitate the company's growth initiatives. We have maintained strong sales and collections throughout the first nine months of the current fiscal year. With a lineup of upcoming launches in the coming quarters, we expect to add to the operating surplus, which has increased by more than 100%, upwards of Rs 900 crores. Our cash flow from operations for 9M FY24 stood at INR 2,826 crores, and the dividend ensures that the company continues to provide tangible returns to the shareholders on their investments."
Commenting on the solid financial performance for 9MFY24, Abhishek Kapoor, Group CEO Puravankara Limited, said, "We are excited to announce the 125% dividend for our shareholders on the back of an excellent performance by the business. The decision was taken to maintain consistency as we had not paid dividends in previous financial years. We look forward to continuing this practice and thank our shareholders for their continued faith and support in us."
During the first nine months of FY24, the company achieved the highest-ever customer collections, totalling Rs 2,515 crores, reflecting an enhancement in operating efficiencies. Cash flow from operations for 9M FY24 stood at Rs 2,826 crores, reflecting a notable increase of 35% for the same period in 9M FY23. Additionally, the operating surplus for 9M FY24 surged to Rs 965 crores, marking a substantial 101% rise from the same period in FY23. The company's current cash balance stands at Rs 822 crores.
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