Puravankara Project Recorded Sales of Rs 5,914 Crore in FY24.

Introduction

Bangalore-based real estate developer Puravankara is one. Puravankara project is a leading real estate agency in India with 48 years of experience in the construction business. Offering affordable apartments in popular cities like Chennai, Bangalore, Pune, Mumbai, and Kochi. However, real estate developer Puravankara has announced financial results for the fourth quarter (Q4 FY24) ending March 31, 2024. Revenues for the quarter increased by 66 per cent to Rs. 1,094 crores have been spent.

Table of Contents

• Sales of Puravankara Project Y-O-Y Are Increasing
• Puravankara Project Grew by 90% in FY24
• Our Puravankara Projects Are Successful, Said Ashish
• Progress Net Profit in Puravankara Q4 Fy24
• Puravankara Group in 2023-24 Rs. 78 Crore Profit

The company attributed this growth to strong demand in both residential and commercial segments. The company’s focus on timely project delivery and strategic pricing strategies also contributed to its robust financial results. Sales volume for the quarter stood at 2.35 million square feet (MSF), up 94% year-on-year.

The Puravankara project While the total income is Rs. 947 crores, an increase of 112% year-on-year. Puravankara project has officially announced. Puravankara Group announces consolidated results for FY24. The company’s sales in Q4 FY24 were Rs. 1,947 crores, representing a growth of 93%.

Sales of Puravankara Project Y-O-Y Are Increasing

For FY24, sales were Rs. 5,914 crores, an increase of 90% year-on-year. Several new products were successfully launched. This significant growth has been driven by expansion into new markets. Sales volume increased by 84% to Rs. 3,609 crore collections, which fell short of 7.36 million square feet. The company’s strong marketing strategies and operational capabilities have also contributed to this excellent sales performance.

Total revenue rose 61% year-on-year to Rs 2,260 crores. This significant increase in revenue can be attributed to the company’s consistent 60% growth per year. Operating cash flow for FY24 increased by 41% to Rs. 3,948 crores, resulting in a net operating surplus of Rs. 513 crores, representing a 598% year-on-year growth.

The company spent general and administrative (G&A) expenses on marketing and sales to increase pre-sales by 90% and on new acquisitions in new geographies. This is reflected in the P&L. These investments are necessary to drive growth and expand the company’s reach into new markets. The company believes that these strategic decisions will lead to long-term success and increased profitability.

Puravankara Project Grew by 90% in FY24

Puravankara Managing Director Ashish Puravankara said, “For FY24, we have Rs. 5,914 crores in pre-sales, a growth of 90% YoY. This robust growth in pre-sales is a testament to the strong demand for our projects and the trust our customers have in our brand.

We have launched 12 projects with an area of ​​9.47 million square feet and strengthened our expansion in high-potential micro markets. It has been appointed the preferred developer for three redevelopment projects in Mumbai with a potential gross development value of Rs 3,600 crores.

We are confident that we can continue delivering exceptional results for years. Our focus on quality construction and customer satisfaction remains constant as we strive to meet our client’s evolving needs. We are committed to maintaining this positive momentum and expanding our presence in the real estate market.

Our Puravankara Projects Are Successful, Said Ashish

“We are very happy to announce that we have successfully returned IFC and ASK’s investment of Rs 410 crore. It is a testament to humanity that we are on such a path of development. Rs. 300 crores in land advances were using to replenish our land bank from internal deposits and borrowings.” said Ashish Puravankara, Managing Director of Puravankara.

We present our successful project, Surplus, and its expansion. This quarter’s financials reflect increased spending on pre-sales and new acquisitions. We aim to deliver properties in time for future value creation. We are using the best products for concept building. G&A and geographical expansion is a given,” said Ashish Puravankara.

Progress Net Profit in Puravankara Q4 Fy24

As of March 31, 2024, the estimated total surplus from all completed and ongoing projects is Rs.7,455 crore. This surplus comes from efficient project management and cost-saving measures implemented in various sectors. It invests in future projects to continue promoting regional growth and development.

Estimated surplus net profit from commercial projects is Rs.1,356 crore. The estimated surplus net profit from the pilot pipeline is Rs 2,696 crore, while the total surplus profit is Rs 11,507 crores. The company’s net debt for Q4 FY24 was Rs. 2,151 crores, and the net debt-equity ratio stood at 1.14. The average cost of borrowing as of March 31, 2024, is 11.59%.

Puravankara Group in 2023-24 Rs. 78 Crore Profit

In the third quarter ended December 2023, real estate major Puravankara posted Rs. 78 crore net profit, which was 266 per cent growth over a year ago, due to a strong demand environment and timely project delivery. Operating cash flow for the first nine months (9M) of the financial year 2023–24 (FY24) is Rs. 2,826 crores, an increase of 35 percent from FY23.

9M FY24 operating surplus is up 101 percent to Rs. 965 crores. The Bengaluru-based company reported strong sales of 1.63 million square feet in the December quarter, a growth of 56 per cent to Rs. 1,241 crores. Rs. 3,967 crores, up from 9M in FY23 to Rs. 2,100 crores, an increase of 89 per cent. 9M in FY23 to Rs. 1,597 crores compared to customer collections of Rs. 2,515 crores, a Y-O-Y growth of 57 per cent.

Conclusion

Achievement of Puravankara Project There is strong demand for Puravankara properties. The positive sales figures indicate a bright future for Puravankara in the real estate market. Furthermore, the company is committed to delivering quality projects.

A focus on maintaining customer satisfaction has contributed to their success. With a strong foundation and continuous growth, Puravankara has been playing a vital role in the real estate industry for many years. For more information, visit openplot.

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