The shares of one of India’s largest real estate developers gained 5 percent to a 52-week high price of Rs 161.90 per share after the company reported record-breaking sales of Rs 1,600 Crores in the Second quarter of FY24.
On Wednesday, the shares of Puravankara Ltd closed at Rs 160.40 a share, up Rs 4.09 percent on the National Stock Exchange, the company has a market capitalization of Rs 3,788 crores.
According to the company’s exchange filing. Puravankara Ltd reported a 54 percent increase in revenue year on year, from Rs 239.48 crore in Q2FY23 to Rs 368.33 crore in Q2FY24. During the same period, net losses were reduced from Rs 17.22 crore to Rs 11.22 crore.
In comparison to the previous quarter, operational revenue increased by 14 percent from Rs 323 crore in Q1FY24 to Rs 368.33 crore in Q2FY24, Further net losses have decreased from Rs 17.86 crore to Rs 11.22 crore.
The company recorded sales of Rs 1,600 crores, an increase of 102 percent, year on year. Sales volume for the quarter stood at 2.01 msft, up by 89 percent year on year with a strong customer collection of Rs 879 crores.
Puravankara Ltd achieved revenue of Rs 692 crore from projects which grew by 52 percent year on year.
In the second quarter of FY 23-24, The company launched one new project, Provident Ecopolitan (Bengaluru), and new phases for Purva Park Hill (Bengaluru) and Purva Windermere (Chennai), totaling 2.09 msft.
Puravankara Ltd is in the business of development and sale of real estate. Projects in metro cities like Bengaluru, Hyderabad, Chennai, Kolkata, Mumbai, Pune and Goa.
According to the latest shareholding pattern, the Puravankara Ltd promoter holds a 75 percent stake, Foreign institutional investors hold 16.35 percent, and retail investors hold an 8.25 percent stake in the company.
Written by Omkar Chitnis
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