DBT Bureau
Bengaluru, 23 May
Bengaluru-based real estate developer Puravankara Ltd reported a net profit of Rs 42 crore for the last fiscal year, a drop of 33% over a year earlier. Total revenue rose 61% to Rs 2,260 crore as compared to Rs 1,407 crore reported a year earlier.
The realtor has achieved pre-sales of Rs 5,914 crore, up by 90% year-on- year for FY24, driven by new launches and home buyers’ demand.
The firm has reported a loss of Rs 7 crore for the fourth quarter of FY24, a decrease of 124% year-on-year (y-o-y). However, net revenue saw an increase of 112% to Rs 947 crore for the quarter ended March FY24 compared to the corresponding quarter last year. It sold properties worth Rs 1,947 crore during the quarter.
“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,” Ashish Puravankara, Managing Director of Puravankara said.
“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,” he said.
Company’s net debt stood at Rs 2,151 crore, and the net debt-to-equity ratio stood at 1.14 for fourth quarter of FY24.
As of March 31, 2024, Puravankara has completed 86 residential and commercial projects measuring 50 million sq ft across nine cities – Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa. The company’s total land bank stood at 36 mn sq ft by the end of last fiscal year.
