BENGALURU, INDIA - Puravankara Limited (BSE: 532891), a prominent Indian real estate firm, has disclosed its financial outcomes for the fourth quarter ending March 31, 2024, and the consolidated figures for the fiscal year 2024. The company witnessed a substantial year-over-year (Y-o-Y) growth in sales, with a 93% increase to Rs 1,947 crores in the fourth quarter and a 90% surge to Rs 5,914 crores for the full year.
The sales volume for Q4FY24 was reported at 2.35 million square feet, marking a 94% Y-o-Y growth, and collections rose by 66% to Rs 1,094 crores. The total revenue for the quarter reached Rs 947 crores, a significant 112% increase compared to the previous year. For FY24, the sales volume climbed by 84% to 7.36 million square feet, with collections amounting to Rs 3,609 crores, up 60% Y-o-Y. The total revenue for the year expanded by 61% to Rs 2,260 crores.
Operating cash inflows for FY24 were Rs 3,948 crores, showing a 41% Y-o-Y improvement, and the net operating surplus jumped to Rs 513 crores, an impressive increase of 598% Y-o-Y. Despite these gains, the company's profit for the year declined by 33% to Rs 42 crores.
Ashish Puravankara, Managing Director of Puravankara Limited, highlighted the company's pre-sales achievement of Rs 5,914 crores, up by 90% Y-o-Y, and the launch of 12 new projects. Puravankara has also secured redevelopment rights for three projects in Mumbai and is engaged in discussions for additional projects. The company has returned investments totaling Rs 410 crores to IFC and ASK and invested Rs 300 crores in land advances for future growth.
The net debt of Puravankara stood at Rs 2,151 crores at the end of Q4FY24, with a net debt-to-equity ratio of 1.14. The weighted average cost of debt was 11.59%.
The Indian economy's positive trajectory, with a revised GDP growth estimate of 7.6% for FY24, along with the anticipated expansion of the real estate market to USD 1 trillion by 2030, presents a favorable outlook for the sector. Puravankara aims to capitalize on this growth and increase its market share by continuing investments in new geographies and focusing on customer-centric international-quality products.
The financial results reflect the transition to Indian Accounting Standards (Ind AS), particularly Ind AS 115, which has altered revenue recognition from a percentage of completion method to a completed contract method, leading to variations in periodical financial results.
This report is based on a press release statement from Puravankara Limited.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.