Puravankara clocks sales of 796 crores in Q3 FY23, Records 80 per cent jump in collections
Jan 23, 2023
Bengaluru (Karnataka) [India], January 23 (ANI/BusinessWire India): Real estate major Puravankara Limited (BSE: 532891) has achieved its highest-ever sales for the third quarter of any year since its inception by clocking Rs 796 crores in sales as per its operational update. This is an increase of 20 per cent compared to Rs 666 crores recorded in Q3FY22.
For the 9 months ending December 2022, the company has recorded Rs 2,100 crores in sale value, an increase of 33 per cent compared to a similar period last year. This is another record, the highest value recorded for the 9-month period since inception.
The jump in sales was achieved along with a consistent increase in average price realisation. The average price realisation of Rs 7,767/sq ft during Q3FY23 went up by 15 per cent compared to the average price realisation in Q3FY22.
This impressive increase in sales is accompanied by an equally impressive rise in customer collections from the real estate business, which increased to Rs. 621 Crore in Q3FY23 compared to the customer collections of Rs 344 Crore in Q3FY22. This implies a whopping jump of 80 per cent.
The company is on track to meet its launch target of over 15 million sq ft by the end of this financial year. The net debt continues to be similar to the previous quarter.
"The Indian economy continues to be one of the fastest-growing economies in the world. In the past few quarters, real estate maintained positive momentum in India and remains a preferred investment avenue amidst market volatility. Rapid infrastructure development and the return-to-office trend will continue to spur positive momentum in the sector," said Ashish Puravankara, Managing Director, Puravankara Limited.
Highlights:
Quarterly Performance Summary:
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