Puravankara Ltd reports flat sales bookings of ₹1,128 crore in Q1 FY25

Puravankara Ltd's average price realization in Q1 FY25 increased 6% annually to ₹8,746 per square feet from 8,277 per sq ft; planned launches deferred to Q2

Published on: Jul 12, 2024, 20:41:46 IST

By HT News Desk

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Bengaluru-based real estate developer Puravankara Ltd reported flat sales bookings of ₹1,128 crore during the April-June period of the financial year 2024-25, the company said in a regulatory filing.

Puravankara Ltd reports flat sales bookings of ₹1,128 crore in Q1 FY25 (Representational photo) (Pixabay)

The company said it achieved quarterly sales value of ₹1,128 crore for Q1 (April-June), 2024-25 fiscal... as against ₹1,126 crore a year ago, while the planned launches have been deferred to the second quarter (July-September).

Also Read: Puravankara acquires 7-acre land parcel in Bengaluru to develop housing project worth ₹900 crore

The company had deferred some of its planned launches during the period under review to the second quarter of the ongoing financial year on account of a general delay in approvals during the election period, Puravankara said.

“We remain focused on replenishing our land bank and have added 3.25 million square feet in this quarter, comprising of a 7.26-acre land parcel in Bengaluru, a 12.77-acre land parcel in Ghodbunder road, Thane, and have also bought out the landowner share of 0.83 million square feet in three projects by Provident in Goa and Bengaluru,” said Ashish Puravankara, Managing Director, Puravankara Ltd.

Also Read: Puravankara buys 12.75 acre land near Mumbai; to develop housing project with a revenue potential of ₹4000 crore

Quarterly collections fetched a total of ₹965 crore into the Puravankara’s kitty during the June quarter, up 39% year-on-year. Meanwhile, the average price realization in the first quarter of 2024-2025 was up by 6% to ₹8,746 per square feet from 8,277 per sq ft, the statement said.

In FY24, Puravankara recorded sales to the tune of ₹5,914 crore, an increase of 90% compared to ₹3,107 crore in FY23. Meanwhile its total revenue increased 61% annually to ₹2,260 crore during the fiscal. The company sold real estate spanning a total of 7.35 million square feet during the year.

The company has a strong presence in the residential real estate sector across South and West India.

Also Read: Bengaluru-based Puravankara crosses ₹5,914 crore in sales in FY24

It should be noted that another Bengaluru-based real estate developer Prestige Estates on July 11 reported a 23% decline in its sales to ₹3029.5 crore during the June quarter owing to a delay in new project launches.

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