According to the financial results announced for Q3FY23, real estate developer Purvankara Limited has recorded the highest ever sales value of Rs 796 crore for the third quarter of any financial year since inception.
The area sold by the developer during Q3FY23 was 1.02 msft (3% YoY). The sale value was Rs 796 crore (+20% YoY), while the sale realization was Rs 7,767 per sq ft (+15% YoY).
The net revenue reported by the developer saw a growth of 67% YoY and stood at Rs 410 crore. EBITDA registered a growth of 51% YoY to Rs 128 crore. Profit after tax (PAT) stood at Rs 21 crore, showing a YoY growth of 1,213%.
In terms of cash flows till December 31, 2022, the developer registered a balance collection of Rs 2,643 crore from the sold units (completed + ongoing) across all the launched projects. The total estimated value of unsold inventory open for sale was Rs 5,641 crore. The total estimated pending project cost was Rs 3,517 crore. The developer recorded Rs 12,582 crore of the total balance estimated collection from sold and unsold inventory, including that which is not open for sale. The total estimated surplus after construction cost and contingencies is Rs 6,774 crore.
As per the report, the total net debt through operations decreased by Rs 109 crore from Rs 2,144 crore as of Q2 FY23, while it increased by Rs 100 crore in Q3 FY23 due to land acquisition, resulting in total net debt of Rs 2,135 crore. Done. The cost of debt for the group saw an increase of only 67 bps, while the repo rate increased by 225 bps over the 12-month period. The weighted average cost of debt till December 31, 2022 stood at 11.18%. The net debt to equity ratio for the third quarter of FY2023 stood at 1.09.
Ashish Purvankara, Managing Director, Purvankara Limited said, “We have registered the highest ever sales of Rs 2,100 crore in 9MFY23.”
He further added, “We will continue to work towards increasing our market share and we are pleased to announce that the Group has achieved a 77% growth in revenue from projects in Q3 FY2023, the same There has been an 87% growth in collections from operations to manufacturing and distribution as compared to the previous year quarter. This is supported by higher sales and new launches from over 4.11 msft in 9MFY23 along with adding 2.17 msft in the last quarter of the current fiscal. Our per sq ft loan on under construction area has come down by 49% from Rs 2,524 to Rs 1,291 in the last four years.
