Puravankara achieves highest ever annual and quarterly sales
14 Apr 2023
2 Min Read
CW Team
Puravankara, a real estate firm, has achieved its highest annual and quarterly sales in any fiscal year since its inception. The company sold Rs. 1,007 crore in Q4 and a total of Rs. 3,107 crore in FY23.
"The company has consistently grown during FY23, indicating our ongoing efforts to gain market share." "We expect our pre-sales growth momentum to continue in the coming quarters, driven by a healthy pipeline of new launches totaling 14 million sqft," said Ashish Puravankara, Managing Director.
In addition, the company reported a 57% increase in customer collections from the real estate business, which increased to Rs. 2,258 crore in FY23 from Rs. 1,440 crore in FY22. The average price realization also increased by 14% to Rs. 7,768 per sqft during FY23 from 6,838 per se ft in FY22.
According to industry experts, the unchanged repo rates will support the current growth momentum, with large builders potentially gaining market share. The top seven markets had the highest quarterly sales in more than ten years. According to ICRA, the area sold in 9M FY2023 increased to 412 msf from 307 msf in the same period the previous year, owing to continued end-user demand and good affordability.
Puravankara's total net debt was Rs 2,135 crore as of December 31, 2022, with a weighted average cost of debt of 11.18%. The company has a total land bank of 57 million square feet.
Also Read
Housing inventory overhang lowest in 5 years due to robust sales
Tamil Nadu: TNUHDB unveils new housing development
Puravankara, a real estate firm, has achieved its highest annual and quarterly sales in any fiscal year since its inception. The company sold Rs. 1,007 crore in Q4 and a total of Rs. 3,107 crore in FY23.
The company has consistently grown during FY23, indicating our ongoing efforts to gain market share. We expect our pre-sales growth momentum to continue in the coming quarters, driven by a healthy pipeline of new launches totaling 14 million sqft, said Ashish Puravankara, Managing Director.
In addition, the company reported a 57% increase in customer collections from the real estate business, which increased to Rs. 2,258 crore in FY23 from Rs. 1,440 crore in FY22. The average price realization also increased by 14% to Rs. 7,768 per sqft during FY23 from 6,838 per se ft in FY22.
According to industry experts, the unchanged repo rates will support the current growth momentum, with large builders potentially gaining market share. The top seven markets had the highest quarterly sales in more than ten years. According to ICRA, the area sold in 9M FY2023 increased to 412 msf from 307 msf in the same period the previous year, owing to continued end-user demand and good affordability.
Puravankara's total net debt was Rs 2,135 crore as of December 31, 2022, with a weighted average cost of debt of 11.18%. The company has a total land bank of 57 million square feet.
Also Read
Housing inventory overhang lowest in 5 years due to robust sales
Tamil Nadu: TNUHDB unveils new housing development
Next Story
ClickPost Launches Atlas to Benchmark E-commerce Logistics
ClickPost, a leading logistics intelligence platform, has launched Atlas, a subscription-based benchmarking tool designed to transform how e-commerce brands strategise logistics. Powered by ClickPost鈥檚 proprietary network, which processes over 50 million shipments each month, Atlas enables brands to benchmark key operational metrics in real time against industry peers and standards.Unlike traditional dashboards, Atlas delivers comparative insights鈥攆rom fulfilment speeds, RTO rates and average order values to city-level delivery times and sales data鈥攁llowing brands to identify operational..
Next Story
Kalyani Launches Two New LivingTree Towers in Bengaluru
Bengaluru-based Kalyani Developers has announced the launch of Towers 3 and 4 at its flagship residential project, Kalyani LivingTree, located in KIADB Aerospace Park. The expansion adds 525 premium 3BHK apartments, ranging from 1300 to 1600 sq ft, and over 7.5 lakh sq ft of built-up area. Prices start from Rs 1.2 crore.These towers, the most exclusive in Phase 1, offer uninterrupted pool and landscape views, and access to over 60 lifestyle amenities, two clubhouses totalling 1 lakh sq ft, and more than 80 per cent open space.LivingTree spans 25 acres and will comprise ten towers of 23鈥�24 fl..
Next Story
Blue Water Logistics IPO opens May 27
Hyderabad-based Blue Water Logistics is launching its Rs 40.5 crore IPO on May 27, 2025, which will remain open for subscription until May 29. The price band has been set at Rs 132 to Rs 135 per share, with a lot size of 1,000 shares. This is a book-built issue entirely comprising a fresh issue of 30 lakh equity shares. The IPO will be listed on the NSE Emerge platform.Smart Horizon Capital Advisors is the sole book-running lead manager, while Maashitla Securities will act as the registrar. The anchor book will open on May 26, 2025. The IPO allocates 8,35,000 shares to anchor investors, 1,56,0..