Puravankara posts net loss of Rs 6.71 cr in Q4, revenue up 112% at Rs 947 cr

Bengaluru, 24 May: Bengaluru-based real estate developer Puravankara Ltd reported a loss of Rs 6.71 crore in the fourth quarter of FY24, as compared to a net profit of Rs 26.75 crore in the same period of previous year.

Net revenue, however, saw an increase of 112 per cent to Rs 947 crore for the quarter ended March FY24 compared to the corresponding quarter last year.

During the quarter, the realtor sold properties worth Rs 1,947 crore during the quarter.

For the whole fiscal year, Puravankara posted a net profit of Rs 42 crore, a drop of 33 per cent over a year earlier. Total revenue rose 61 per cent to Rs 2,260 crore as compared to Rs 1,407 crore reported a year earlier.

For FY24, the realtor achieved pre-sales of Rs 5,914 crore, up by 90 per cent year-on- year, driven by new launches and home buyers’ demand.

“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.

He also said that the company has returned investments of IFC and ASK amounting to Rs 410 crores. The company has also replenished its land bank by deploying Rs 300 crore of land advances from internal accruals and debt.

The 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.

Puravankara has completed 86 residential and commercial projects measuring 50 million sq ft across nine cities including Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune, and Goa.

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