Puravankara displays strong performance in Q1, records Rs 1,126 crores in sale value – World News Network


BusinessWire India
Bengaluru (Karnataka) [India], July 6: Puravankara Limited (BSE:532891), one of India’s most trusted and admired real estate developers, has recorded a strong sales performance in Q1FY24, with sale value of Rs. 1,126 crores, the highest for any quarter and Q1 since inception, the company said in its quarterly operational update.

Ashish Puravankara, Managing Director of Puravankara Ltd., said, “Our unwavering dedication to growth and our ongoing efforts to capture a larger market share has resulted in the highest-ever quarterly and Q1 sales in the history of the company. This is a remarkable achievement. This quarter pre-sales has more than doubled (119% growth on Y-o-Y basis) vs Q1FY23.
With a strong pipeline of new launches, we are confident that we will continue to drive our pre-sales growth momentum. Our new launches are complemented by impressive sustenance sales achievements, supported by efficient and fast-paced execution leading to increased collections by 52% on a Y-o-Y basis.

Additionally, I am delighted to share that continuous improvement in business performance and cash flows will give the company a fillip to steer incremental growth through new acquisitions in line with our future goals.”
The real estate market has exhibited exemplary growth in the past year and our company is well positioned to capitalise on these opportunities. Our focus on transparency, trust, technology integration, a diversified portfolio and strong partnerships will drive our future performance and ensure continued growth and profitability.

Factors such as the need for larger houses, rising incomes, job creation, and stable home loan rates have further contributed to this demand. As the industry places a growing emphasis on sustainability and green buildings, Puravankara stands uniquely positioned to reap the benefits due to our continuous efforts towards sustainability.

Key Sales highlights (on a consolidated basis)
– Achieved highest ever sale value of Rs. 1,126 Crore in any quarter and the first quarter of any financial year since inception. Up by 119% compared to Rs. 513 Crore in Q1FY23.
– Customer collections from the real estate business increased to Rs. 696 Crore in Q1FY24 in comparison to the customer collection of Rs. 458 Crore in Q1FY23 which implies a jump of 52% YoY.
– Average price realization increased by 11% to Rs. 8,277/sft during Q1FY24 from 7,436/sft in Q1FY23.
– Sale Value increased by 12% and collection increased by 5% when compared to immediate previous quarter Q4FY23.
– We have launched 1 new project in Chennai ‘Purva Raagam’ of 0.77 msft in this quarter.
Quarterly Performance Summary:
Puravankara displays strong performance in Q1, records Rs 1,126 crores in sale value - World News Network
(Disclaimer: The above press release has been provided by BusinessWire India. ANI will not be responsible in any way for the content of the same)

Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News


Please enter your comment!
Please enter your name here

Share post:




More like this

Palestinians celebrate return of released ‘terrorists’ – World News Network

Videos posted on social media showed Palestinians in Judea, Samaria and eastern Jerusalem celebrating the return of 39 terrorists freed by Israel on Saturday night as part of a partial prisoner exchange with Hamas.

UAE: Fortune Global Forum kicks off tomorrow in Abu Dhabi to discuss global economic challenges – World News Network

The Fortune Global Forum will bring the CEOs and leaders of the world's largest multinational companies, policy-makers, and investors together in Abu Dhabi between 27th to 29th November 2023, to discuss major challenges faced by the global economy and develop tomorrow's business strategies.

HBMSU participates in International Council for open, distance education – World News Network

Hamdan Bin Mohammed Smart University (HBMSU) participated in the 29th International Council for Open and Distance Education (ICDE) World Conference 2023 in Costa Rica, underscoring its prominent leadership in the global higher education landscape.

Row erupts over Irish PM’s remarks after 9-year-old girl held hostage by Hamas freed – World News Network

Nine-year-old girl Emily Hand was among the 17 hostages released by Hamas as part of a hostage deal with Israel on Saturday (local time).
Send this to a friend