Puravankara Q3 sales bookings up 42 pc at Rs 570 crore on recovery in housing demand

By: |
February 14, 2021 11:32 AM

The company markets its products under two brands -- Puravankara and Provident, which is into premium affordable housing segment.

real estateThe building construction market in India is likely to witness a CAGR of 15 per cent during the 2020-2024 period.

Bengaluru-based realty firm Puravankara Ltd’s sales bookings rose by 42 per cent year-on-year to Rs 570 core in the third quarter of this fiscal as demand of residential properties recovered.

The company’s sales bookings stood at Rs 402 crore in the year-ago period.

According to an investors’ presentation, sales bookings in volume terms increased by 40 per cent to 0.91 million sq ft in October-December period of 2020-21 from 0.65 million sq ft in the corresponding period of the previous fiscal.

The company sold 661 units during the third quarter of this fiscal year, up 20 per cent from 551 units in the year-ago period. The average sales realisation increased to Rs 6,262 per sq ft from Rs 6,180 per sq ft.

“Q3 FY21 witnessed strong recovery with significant jump in sales at 0.91 million sq ft, up by 40% YoY,” the presentation said.

During the first nine months of 2020-21 fiscal year, sales bookings grew by 9 per cent to Rs 1,449 crore from Rs 1,334 crore in the corresponding period of the previous year.

“On a year to date basis, we have achieved sales of 2.42 million sq ft, up by 13% YoY despite a much weaker Q1FY21, indicating strong rebound in the sector,” the company said.

Puravankara Ltd has sold 1,818 units during April-December period of this fiscal year as against 1,806 units in the year-ago period.

Housing sales were badly affected during April-June period of this fiscal year due to the nationwide lockdown to control the COVID-19 pandemic. However, demand has been gradually recovering from July onwards.

Puravankara’s net profit has declined to Rs 13.32 crore in the third quarter of this fiscal from Rs 16.10 crore in the year-ago period.

Total income also fell to Rs 303.82 crore during October-December quarter of 2020-21 from Rs 528.11 crore earlier.

Its net debt fell to Rs 2,372 crore at the end of December quarter from Rs 2,658 crore as on September 30, 2020.

Puravankara has so far completed 74 projects comprising 42.67 million square feet area and it is constructing another 22.01 million sq ft.

The company markets its products under two brands — Puravankara and Provident, which is into premium affordable housing segment.

It has projects in Bengaluru, Chennai, Hyderabad, Pune, Mumbai, Kochi, Goa, Kolkata, Coimbatore and Mangalore.

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