Mumbai, May 27, 2023: Puravankara Limited (BSE:532891), one of India’s most trusted real estate players, announced its financial results today for the fourth quarter (Q4FY23) ending March 31, 2023, and consolidated results for FY23.
Commenting on the company’s performance, Ashish Puravankara, Managing Director, Puravankara Limited, said, “In FY23, we achieved the highest ever sales revenue of INR 3,107 Crore. This exemplary performance can primarily be attributed to new launches and continued progress in the execution of our ongoing projects, also resulting in strong collections of Rs. 2,258 Crores.”
He said on the company’s expansion plans, “We will continue to put our efforts into expanding our market share. We are actively evaluating projects for acquisition across the geographies we operate in, with a special focus on the Mumbai Metropolitan Region (MMR) and Pune. Continued consolidation in the real estate industry, and reduced inventory levels to less than 12 months across the country, is indicative of the opportunity and of a long-term positive real estate cycle with increased prices and absorption amid limited supply.”
Operational Highlights for Q4FY23
· Area sold stood at 1.21 msft (+2% Y-o-Y)
· Sales value stood at Rs. 1,007 Cr. (+21% Y-o-Y)
· Sales realization stood at Rs. 8,321/sft (+19%Y-o-Y)
Consolidated Q4FY23 Financial Performance
· Revenue from projects stood at Rs. 389 Cr. (+32% Y-o-Y)
· EBITDA stood at Rs. 117 Cr. (+90% Y-o-Y)
· Profit After Tax stood at Rs. 28 Cr. (+229% Y-o-Y)
Operational Highlights for FY23
· Area sold stood at 4 msft (+14% Y-o-Y)
· Sales value stood at Rs. 3,107 Cr. (+29% Y-o-Y)
· Sale realization stood at Rs. 7,768/sft (+14% Y-o-Y)
Consolidated FY23 Financial Performance (As per IND-AS 115)
· Revenue from projects stood at Rs. 1,236 Cr. (+29% Y-o-Y)
· EBITDA stood Rs. 442 Cr. (-30% Y-o-Y)
· Profit After Tax stood at Rs. 63 Cr. (-57% Y-o-Y)
Projected Cash Flows
As on 31st March 2023,
· Balance collections from sold units (completed + Ongoing) in all launched projects stood at INR 2,967 Cr.
· Total value of unsold inventory, including new launches in FY23, stood at INR 11,232 Cr.
· Total estimated surplus from all completed and ongoing projects is INR 6,550 Cr.
Our net debt stood at Rs. 2,208 Cr. and Net debt to equity ratio stood at 1.11 for Q4FY23. The weighted average cost of debt stood at 11.31% as of 31st March 2023.
With a strong launch pipeline and continued momentum of sales, a solid balance sheet, the company is now focused on new acquisition of land along with raising capital in line with plans for future growth. We are confident in our ability to generate profitable growth for the current year and the following year. The management does not anticipate any significant risk that could slow the momentum of demand.