Puravankara Limited reports flat sales bookings of ₹1,128 crore in Q1 FY25

The real estate player clocked 39% year-on-year growth in quarterly collections to ₹965 crore in the three-month period under review. Collections in the first quarter of financial year 2023-24 stood at ₹696 crore, the regulatory filing showed.

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“The revenue recognised went up to ₹676 crore on account of higher delivery of 929 units, a 108% growth over last year’s delivery, demonstrating our commitment and focus on operations,” said Ashish Puravankara, Managing Director, Puravankara Limited.

Average price realization during the quarter increased 6% year-on-year to ₹8,746 per square feet, the company statement said.

“While the company sold 1.29 mn sq ft, our focus was on replenishing our landbank. The company deployed ₹762 crore for land acquisition in MMR, Goa and Bengaluru,” Puravankara added.

Also Read: Puravankara buys 12.75 acre land near Mumbai; to develop housing project with a revenue potential of ₹4000 crore

Puravankara Ltd added 3.25 million square feet to its portfolio during the quarter ended June 30, including a 7.26-acre land parcel in Bengaluru and a 12.77-acre land parcel in Mumbai. Earlier the company had announced that it has also bought out the landowner share of 0.83 million square feet in three projects by Provident in Goa and Bengaluru.

In FY24, Puravankara recorded sales to the tune of ₹5,914 crore, an increase of 90% compared to ₹3,107 crore in FY23. Meanwhile its total revenue increased 61% annually to ₹2,260 crore during the fiscal. The company sold real estate spanning a total of 7.35 million square feet during the year.

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The company has a strong presence in the residential real estate sector across South and West India.