Puravankara logs 18% y-o-y growth in September quarter sales

10 Oct 2024 , 03:06 PM

Puravankara Ltd shares rose 2% in morning trade on Thursday, October 10, following the company’s September quarter business update.

The real estate firm reported an 18% quarter-on-quarter gain in revenues of ₹1,331 Crore, mostly driven by sustaining sales. In the first quarter of the current financial year, the company’s total sales value was ₹1,128 Crore.

In the first half of FY25, the company reported total revenues of ₹2,459 Crore.  Puravankara had an 18% increase in client collections, reaching ₹1,033 Crore in the September quarter from ₹879 Crore the previous year.

In the first half of FY25, client collections increased by 27% to ₹1,998 Crore from ₹1,575 Crore in the previous year, indicating the company’s effective execution and consumer confidence.

In Q2 FY25, the company’s average price realisation climbed by 9% to ₹8,697/sqft, up from ₹7,947 per sqft the previous year.

Puravankara notified the bourses that its varied portfolio and planned expansion plans in major cities such as Mumbai, Bengaluru, and Goa are projected to fuel future growth.

The real estate company has been diligent in refilling its land bank, acquiring more than 5.75 million square feet (msft) of saleable space in Mumbai, Bengaluru, and Goa during the first half of FY25. The acquisitions have a potential gross development value (GDV) of above ₹10,000 Crore.

At around 2.41 PM, Puravankara was trading 1.70% lower at ₹386.95, against the previous close of ₹393.65 on NSE. The counter touched an intraday high and low of ₹405.90, and ₹385.70, respectively.

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