Stocks of Puravankara Limited gained about 4 percent today and currently trade at Rs 78.20. In a span of last five trading sessions, the scrip is up nearly 15 percent ranging from Rs 68 to the current levels.
One of the factors justifying the rally in the stock price is pertaining to the business update provided by the company today through an exchange filing. The filing included financial updates for FY22-23 with the main highlight being the sales figures recorded by the company.
It achieved the highest-ever sales value of Rs 1,007 crores in Q4 FY22-23 since its inception which is up 21 percent as compared to Rs 831 crores in Q4 FY21-22. On a YoY basis, the company achieved the highest-ever sales value of Rs 3,107 crores in FY22-23 since its inception which is up 29 percent as compared to Rs 2,407 crores in FY21-22.
Puravankara Limited, founded in 1975, is one of India’s real estate players headquartered in Bengaluru. The company is recognized for its state-of-the-art luxury and theme-based projects which reflect future homes with innovative technology.
It has exponentially grown and has successfully delivered 80+ residential and commercial projects measuring a whopping 45 million square feet. Puravankara Group has a presence in major cities such as Bengaluru, Mumbai, Chennai, Hyderabad, Pune, etc.
Evaluating the basic operational parameters of the company, the revenues and PAT figures improved on a QoQ basis. Revenues moved from Rs 239 crores in Q2 to Rs 392 crores in Q3 and after-tax profits witnessed a movement from negative to positive figures, i.e., from losses of Rs 16.5 crores in Q2 to profits of Rs 24 crores in Q3.
The profitability ratios of the company supported the positive movement shown above with increasing figures in the current financial year. ROE shifted from negative returns of 0.21 percent during FY20-21 to positive returns of 7.49 percent in FY21-22. Moreover, the ROCE figures moved from 7.63 percent in FY20-21 to 13.18 percent in FY21-22.
There was a favorable movement in the debt to equity ratio of the company with a shift from 1.49 in FY20-21 to 1.28 in FY21-22.
As per the quarter ending December 2022, promoters hold a constant 75 percent stake in the company. FIIs, on the other hand, hold a 16.35 percent stake.
Written by Amit Madnani
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