Bengaluru-based real estate company Puravankara Limited reported a net loss of Rs 11 crore for the quarter ending September on account of higher cost of sales and marketing for ongoing and new launches.
However, net loss reduced by 45 per cent year-on-year, compared to Rs 21 crore for the same quarter last year, with increased delivery leading to improvement in booking revenue.
Its revenue from operations grew by 53.8 per cent YoY to Rs 368.33 crore from Rs 239.48 crore in the second quarter of last year.
On a sequential basis, revenue from operations increased by 35 per cent. EBITDA for the quarter stood at Rs 98 crore, marking a growth of 69 per cent YoY.
The company’s sales improved by 102 per cent YoY to Rs 1,600 crore, and sales volume for the quarter grew 89 per cent YoY at 2.01 million sq ft, with collection at Rs 879 crore. Operating cash inflows for H1FY24 increased by 31 per cent YoY to Rs 1,756 crore.
Further, the average price realisation grew by 7 per cent to Rs 7,947 per sq ft during the quarter, up from Rs 7,396 per sq ft in Q2FY23. The company launched one new project, Provident Ecopolitan (Bengaluru), and new phases for Purva Park Hill (Bengaluru) and Purva Windermere (Chennai), totalling 2.09 million sq ft.
Ashish Puravankara, Managing Director, Puravankara Limited, said, “While the residential real estate industry grew by 6 per cent on a YoY basis, we delivered a strong performance in the second quarter, driven by our strong brand and robust product portfolio. We remain confident in maintaining our growth momentum in the coming quarters. With a robust pipeline of new launches, we are well-positioned to occupy a higher market share.”
The real estate company handed over 927 units with an area of 1.01 million sq ft. Further, it plans delivery of approximately 2,500 units (approximately 2.5 million sq ft) during the second half of FY24. Its net debt stood at Rs 1,992 crore, and the net debt-to-equity ratio stood at 1.01 for Q2 FY24.