Puravankara posts Q1FY25 results: Achieves Rs.676 crore with 101% of Y-o-Y growth

Best builder in Bengaluru, Puravankara Limited disclosed its financial statements for the Q1FY25 – first quarter ending in June 30, 2024.

As the planned launches were deferred to Q2FY25, the real estate developer achieved the quarterly sales rate of Rs.1, 128 crore for Q1FY25 in sustenance vs Rs.1, 126 crores in Q1FY24.

Also the company attained quarterly consumer receivables from the real estate business of Rs.965 crores in Q1FY25 contrast to Rs.696 crores in the first quarter of 2024, surged by 39 percent Y-o-Y.

The average price realization surged by 6 percent to Rs, 8,746/sft. Income from projects soared at Rs.676 crores (+101% Y-o-Y).

Expressing to this, Ashish Puravankara, Managing Director, Puravankara Limited states, "The revenue recognized went up to Rs 676 crores on account of higher delivery of 929 units, a 108% growth over last year's delivery, demonstrating our commitment and focus on operations. While the company sold 1.29 msft, our focus was on replenishing our land bank. The company deployed Rs.762 crores for land acquisition in MMR, Goa and Bengaluru."

The real estate sector in India is geared up for rapid growth in the financial year 2025 driven by the strong economic performance of the country and surging demand across the segments such as industrial, commercial and residential. Key factors including higher urbanization, supportive government policies and strong infrastructure development are boosting up the confidence among home-buyer. Overall the residential sector is observed with a constant growth and development that aligns with the goals of the sector.

The company has a strong presence in 9 cities which are Coimbatore, Bengaluru, Chennai, Hyderabad, Pune, Mumbai, Kochi, Goa, Kolkata, they have delivered more than 80 residential and commercial projects spanning across a massive 45 million square feet.