NEW DELHI: Puravankara has reported net consolidated loss after tax of Rs 92.64 crore during the quarter ended December 31, 2024. It had registered profit after tax of Rs 77.79 crore crore in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
According to the company, the loss has been on account of procedural delays, e.g., the new e-khata policy, resulting in low handovers, which resulted in lower revenue recognition. Western region expansion costs also added to the loss.
“Occupancy certificates (OCs) and handover for four projects, with a total saleable area of 3.95 million sq ft with a total value of over Rs 3,200 crore, were expected in Q3 FY25/Q4 FY25, which are now expected in Q4 FY25/Q1 FY26,” the company said.
The company’s net consolidated total income stood at Rs 334.20 crore in Q3 FY25, a dip of 5.75 per cent from Rs 595.88 crore it recorded in the similar quarter last year.
During the nine months ended December 31, 2024, Grand Hills Developers, a wholly-owned subsidiary of the company, issued 25,500 listed, secured, rated, redeemable, non-convertible debentures aggregating to Rs 255 crore.
Ashish Puravankara, managing director of the company said, “We have recorded a 16 per cent increase in total revenue from projects in the first three quarters of FY25, and customer collections have increased by 19 per cent. This fiscal, we have invested Rs 1,236 crore in land purchases, which aligns with our goal to expand our landbank to 45 million sq ft.”
Purva Oak, a wholly-owned subsidiary of the company, issued 22,000 listed, secured, rated, redeemable, non-convertible debentures aggregating to Rs 220 crore during the period under review.
During the quarter ended December 31, 2024, the company acquired an additional stake of 36.26 per cent in an existing joint venture entity – Pune Projects LLP from another partner for a consideration of Rs 35 crore.
For the first three quarters of FY25, total revenue from projects stood at Rs 1,529 crore, up by 16 per cent from Rs 1,313 crore in the same period of the last fiscal. Customer collections increased by 19 per cent to Rs 2,991 crore. Sales volume stood at 4.24 million sq ft and sales value was at Rs 3,724 crore. Operating cash inflows for the period under review stood at Rs 3,209 crore, up by 14 per cent year-on-year.
The company added four projects in Lokhandwala, Pali Hill, Breach Candy and Thane, adding a potential gross development value (GDV) of over Rs 9,000 crore.
As of December 31, 2024, the company’s net debt stood at Rs 2,824 crore and the weighted average cost of debt stood at 11.73 per cent. The net debt-to-equity ratio stood at 1.58 for Q3 FY25.
