One of the most prominent real estate players in India, Puravankara Limited announced its financial statements for Q4FY24 ending in March 31, 2024 & combined results for the financial year 2024.
The sales rate soared to Rs. 1,947 crores in Q4FY24, displaying an excellent 93 percent tear-on-year growth.
The overall volume of the sale stood at 2.35 msft ((+94 per cent Y-o-Y) with a robust collection of Rs 1,094 crores (+66 per cent Y-o-Y). The complete revenue for Q4FY24 was Rs. 947 crores, surging up by 112 percent Y-o-Y.
Concentrated on creating esteemed value & developing business growth, the firm has sustained the expenditure for sales & marketing to level up the pre-sales by 90 percent & towards G & A – General & Administrative costs for new attainments in new localities.
Expressing his gladness towards the company’s performance, Ashish Puravankara, Managing Director, Puravankara Limited, says, “For FY24, we achieved pre-sales of Rs 5,914 crores, up by 90% year-on-year, demonstrating our commitment to growth and trust of our customers. We launched 12 projects with a saleable area of 9.47 million square feet, reinforcing our expansion into high-potential micro-markets. As of date, we have successfully secured redevelopment rights and have been appointed as the preferred developer for three redevelopment projects in Mumbai with a potential gross development value of Rs 3,600 crores and are in advance discussions for more projects”.
He added, “We are happy to announce that we have successfully returned investments of IFC and ASK amounting to Rs 410 crores. In line with our growth plans, to replenish our land bank, we have deployed Rs 300 crores of land advances from internal accruals and debt, showcasing our successful generation of project surpluses and deployment thereof. This quarter's financials reflect increased expenses for pre-sales and G&A towards new acquisitions along with geographic expansion towards future value creation.”
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