Introduction
Discover a world of possibilities as we invite you to explore the finest in real estate. Real estate major Puravankara posted a net profit of Rs 78 crore in the third quarter ended December, up 266 percent from a year ago on the back of the strong demand environment and timely delivery of projects.
Puravankara profits| Real estate major Puravankara posted a net profit of Rs 78 crore in the third quarter ended December, up 266 percent from a year ago on the back of the strong demand environment and timely delivery of projects. The Bengaluru-based company reported strong sales of 1.63 million sq ft in the December quarter. With a growth of 56 percent to Rs. 1,241 crores.
Puravankara Group Officer Abhishek said
“Our focus is on operations and delivery of units. We expect the growth momentum to continue in the last quarter due to the handover. We handled around 500 units this quarter. The speed at which we deliver units will increase our sales revenue and profitability.” Puravankara Group Chief Executive Officer Abhishek Kapoor said.
Operating cash flow for the first nine months (9M) of the financial year 2023–24 (FY24) is Rs. 2,826 crore, an increase of 35 percent from FY23. 9M FY24 operating surplus is up 101 percent YoY to Rs. 965 crores. EBITDA is Rs. 218 crores.
“To complement our operational success, we have reduced our net debt to Rs. 251 crore, and collections and cash balances have improved significantly. The company is well-positioned to invest in new acquisitions across regions as increased liquidity and cash flows drive growth.
Managing Director Ashish Said
We are excited to enter the Mumbai redevelopment market with our first project of Rs. 6 lakh square feet with a potential gross development value (GDV) of 1,500 crores. We are actively pursuing 12 opportunities. Four have been shortlisted with preliminary discussions going on with the unions,” said Puravankara Managing Director Ashish Puravankara.
Puravankara in 9M FY24, Rs. 3,967 crores posted a strong sales performance, up from 9M in FY23, Rs. 2,100 crores, an increase of 89 percent. 9M in FY23 at Rs. 1,597 crores compared to customer collections of Rs. 2,515 crores, representing a Y-O-Y growth of 57 percent.
Conclusion
As we conclude your visit to Openplot.com, we want to express our gratitude for entrusting us with your real estate aspirations. Buying or selling a home is an important milestone, and we are honored to be a part of it. And in Puravankara 9M FY24, Rs. 3,967 crore on strong sales performance. 9M in FY23 to Rs. 2,100 crore, seeing an increase of 89 percent. Puravankara is a good opportunity for you to invest. Welcome to the world where your customized investment and vultures are just a click away!
Also read: Mumbai Real Estate: 27% fewer units launched in CY23 compared to CY22.