India's trusted Realtor Puravankara hits Total Revenue of Rs. 1,529 crore in 9MFY25

One of the most reputable and esteemed real estate developers in India, Puravankara, released its financial results for the third quarter (Q3FY25) that concluded on December 31, 2024, and 9M FY25. 

Total project revenue for 9MFY25 was Rs. 1,529 crores, a 16% increase over 9MFY24's Rs. 1,313 crores. 

Operating efficiency improved as customer collections rose 19% to Rs. 2,991 crores.

The sales value was Rs. 3,724 crores, while the sales volume was 4.24 msft. Operating cash inflows increased 14% year over year to Rs. 3,209 crores during 9MFY25. 

To expand its business, the corporation is making investments in the West. It successfully purchased four well-known projects in Thane, Pali Hill, Breach Candy, and Lokhandwala, adding a potential GDV of over Rs. 9,000 crores while also resulting in associated cost and overhead increases. According to Ind AS 115 accounting requirements, the company has also incurred sales and marketing expenses as a result of the highest-ever sustaining sales, which must be recorded in P&L. Four projects totaling 3.95 square meters of saleable space and valued at over Rs. 3,200 crores were supposed to receive occupancy certificates (OCs) and handover in Q3FY25/Q4FY25; these are now anticipated in Q4FY25/Q1FY26. Low handovers have been caused by procedural delays, such as the new e-khata policy. 

Thus, a loss of Rs. 99 crores was incurred in 9MFY25 as a result of low handovers that led to lower revenue recognition, costs associated with expanding the western region, and sales and marketing expenses on record sustenance sales.

Ashish Puravankara, Managing Director, Puravankara states, “We have recorded a 16% increase in total revenue from projects in 9MFY25, and customer collections have increased by 19%. The growth in collections is a clear reflection of our strong operational efficiency and business performance. We expect Occupancy Certificates (OCs) and completion for four projects with a total saleable area of 3.95 million sq ft during Q4FY25/Q1FY26 with a total value of Rs 3,200+ crores. 

This fiscal, we have invested Rs. 1,236 crores in land purchases, which aligns with our goal to expand our landbank to 45 million sq ft. Over the past three years, we have achieved an impressive CAGR of 57% in sales. With the addition of 7+ msft land bank with a GDV potential of Rs. 12,000+ crores expected to be brought to market in the next 15 months, we are excited about these upcoming launches, achieving our growth plans and expansion strategy. In addition, we have a robust pipeline of land acquisition along with capital raise to continue the growth momentum.”