Puravankara Reports Highest Ever Sales for Q2 and for H1 of Any Financial Year Since Inception

• Highest-ever gross sales for the second quarter and the primary half of any monetary 12 months
• H1FY23 noticed gross sales worth develop to INR 1,300+ Cr
• Recorded quarterly gross sales of INR 791 crores, space bought stood at 1.07 msft throughout Q2FY23
• Robust launch pipeline of upcoming initiatives of 15 msft

Commenting on the corporate’s efficiency, Ashish R Puravankara, Managing Director, Puravankara Limited, mentioned, “We have achieved the highest-ever gross sales for the second quarter and the primary half of any monetary 12 months. Construction milestones are being achieved each quarter. H1FY23 noticed gross sales worth develop to INR 1,300+ Cr, in comparison with INR 900+ Cr. for the same interval final 12 months. Similarly, collections grew to INR 925 Cr. vs INR 620 Cr. for the same interval final 12 months, implying a rise of virtually 50%.

 

In Q2, our collections from residential gross sales grew by 52% or INR 518 Cr., in comparison with the identical interval final 12 months at INR 341 Cr. Sales have additionally elevated by 33% at INR 791 Cr. in comparison with the identical quarter one 12 months in the past at INR 597 Cr.

 

Both gross sales and collections have proven strong development, and we’re excited and pleased with the efficiency. New launches within the subsequent two quarters will strengthen the gross sales and the money circulation momentum. We predict to ship over 1,500 items within the subsequent 2 quarters.”

 

Operational Highlights for Q2FY23

• Area bought stood at 1.07 msft up by 18%, in comparison with 0.91 msft within the quarter ended Sept 30, 2022
• Sales worth stood at INR 791 crore up by 33%, in comparison with INR 597 crore within the quarter ended Sept 30, 2022
• Sale realization stood at INR 7,396 up by 13%, in comparison with INR 6,556 within the quarter ended Sept 30, 2022

Operational Highlights for H1FY23

• Area bought stood at 1.75 msft up by 32%, in comparison with 1.33 msft within the quarter ended Sept 30, 2022
• Sales worth stood at INR 1,304 crore, up by 43% in comparison with INR 910 crore within the quarter ended Sept 30, 2022
• Sale realization stood at INR 7,454 up by 9%, in comparison with INR 6,845 within the half 12 months ended Sept 30, 2022

Consolidated Financial Performance (As per IND-AS 115) for the quarter ended 30^th Sept 2022

• Consolidated Revenues stood at INR 252.85 crores
• Profit (Loss) earlier than Tax stood at INR (22.10) Crore
• Profit (Loss) After Tax stood at INR (20.95) crores

Consolidated Financial Performance (As per IND-AS 115) for the half-year ended 30^th Sept 2022

• Consolidated Revenues stood at INR 550.20 crores
• Profit earlier than Tax stood at INR 25.43 crores
• Profit After Tax stood at INR 13.72 crores

 

Cash Flows

Collections grew to INR 925 crores vs INR 620 crores for the same interval final 12 months, implying a rise of virtually 50%. As on 30^th September 2022, the steadiness collections from bought items in all launched initiatives stood at INR 2,640 crores. The steadiness value to be incurred stood at INR 2,933 crores. Combined with the unsold receivables from launched initiatives of INR 4,684 crores, the projected working surplus of INR 4,391 crores on the launched portfolio compares very favourably in opposition to the present excellent web debt of INR 2,144 crores. Besides this, now we have not opened for sale stock in present initiatives with an estimated surplus of INR 1,653 crores.

 

Debt

Our web debt stood at INR 2,144 crores final Quarter and Net debt to fairness ratio stood at 1.10 The weighted common value of debt is 11.02% as of 30^th September 2022.

 

Credit Rating

ICRA has reaffirmed score to “A-” with secure Outlook.

 

Outlook 

Although the outlook for the world economy has grown gloomier, India’s financial growth continues to be anticipated to develop, albeit with some deceleration. We consider India’s actual property market is more likely to keep its present upward pattern backed by the strong structural basis and acquire in demand. We are assured in persevering with so as to add worth for all our stakeholders by delivering development and margin enlargement by way of optimum utilization of capital.

 

Upon transition to Indian Accounting Standards (Ind AS) together with Ind AS 115, the Company had moved from the erstwhile share of completion methodology of income recognition to a accomplished contract methodology of income recognition. The aforesaid change within the timing of income recognition has introduced a major variation within the periodical monetary outcomes because the income is now not recognised rateably over the undertaking execution interval however recognised upon completion of the undertaking and handover of flats to the shoppers. Consequently, the monetary outcomes don’t actually depict the Company’s undertaking execution and gross sales efforts on a periodical foundation. The above accounting influence may be very evident in our present interval’s monetary outcomes.

DISCLAIMER:

Some of the statements on this communication could also be ‘forward-looking statements within the meaning of applicable laws and regulations. Actual results might differ substantially from those expressed or implied. Important developments that could affect the company’s operations embrace adjustments within the trade construction, important adjustments within the political and financial atmosphere in India and abroad, tax legal guidelines, duties, litigation and labour relations.