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Puravankara posts net loss of Rs 6.71 crore in Q4 FY24, Real Estate News, ET RealEstate


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NEW DELHI: Puravankara has reported net consolidated loss after tax of Rs 6.71 crore during the quarter ended March 31, 2024. It had registered profit after tax of Rs 26.75 crore in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 946.84 crore, a growth of 116.97 per cent from Rs 436.39 crore it recorded in the similar quarter last year.

Ashish Puravankara, managing director of the company said, “For FY24, we achieved pre-sales of Rs 5,914 crores, up by 90% year-on-year. We launched 12 projects with a saleable area of 9.47 million sq ft. We are happy to announce that we have successfully returned investments of IFC and ASK amounting to Rs 410 crores. We have deployed Rs 300 crore of land advances from internal accruals and debt.

The board of directors have reappointed Anup Sanmukh Shah as a non-executive independent director of the company for a second term of five consecutive years.

The board has declared interim dividend of Rs. 6.30 per equity share and paid during the quarter ended March 31, 2024.

During the year ended March 31, 2024, the following wholly-owned subsidiaries of the company have issued debentures of Rs 100,000 each, aggregating to Rs 87 crore by way of private placement:

(i) Varishtha Property Developers: 1,100 unsecured, rated, redeemable, non-convertible debentures aggregating to Rs. 11 crore. 1,400 unsecured, rated, redeemable, non-convertible debentures aggregating to Rs. 14 crore.

(ii) Purva Sapphire Land: 5,200 unsecured, rated, redeemable, non-convertible debentures aggregating to Rs. 52 crore.

(iii) Provident Cedar: 700 unsecured, rated, redeemable, non-convertible debentures aggregating to Rs. 7 crore.

(iv) Provident Meryta: 300 secured, rated, redeemable, non-convertible debentures aggregating to Rs. 3 crore.

Its sales soared to Rs 1,947 crore in Q4 FY24, registering 93 per cent year-on-year growth. Sales volume for the quarter stood at 2.35 million sq ft with a collection of Rs 1,094 crore.

For FY24, sales stood at Rs 5,914 crore, recording 90 per cent year-on-year increase. Sales volume increased by 84% to 7.36 million sq ft with Rs 3,609 crore in collections. Total revenue increased by 61% year-on-year to Rs 2,260 crore.

Puravankara’s net debt stood at Rs 2,151 crore, and the net debt-to-equity ratio stood at 1.14 for Q4 FY24. The weighted average cost of debt stood at 11.59% as of March 31, 2024.

  • Published On May 23, 2024 at 05:45 PM IST

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