On Wednesday the share price of the company rose by 10 percent and hit its 52-week high of Rs 243.9 per share from its previous close of Rs 221.1 per share after the company announced its operational update for Q3FY24.
In the filing of Puravankara Ltd, the company has mentioned that the sales value has increased by 56 percent year on year from Rs 796 crores in Q3FY23 to Rs 1,241 crores in Q3FY24.
Also, the company has achieved the highest customer collection from the real estate business, which increased by 52 percent year on year from Rs 621 crores in Q3FY23 to Rs 941 crores in Q3FY24.
The company’s average price realization decreased by 2 percent, from Rs 7,767 sq ft in Q3FY23 to Rs 7,610 sq ft in Q3FY24. This is due to a mix of inventory from the Purva, Provident Housing, and Purva Land brands.
Additionally, the company has launched a new project with a total of 3.76 MSFT saleable areas and 1.12 MSFT-launched areas in Bengaluru and Chennai in their filling.
Looking at the company’s financials, their net revenue increased by 54 percent year over year, from Rs 239 crore in Q2FY23 to Rs 368 crore in Q2FY24. Their revenue rose by 13 percent sequentially from Rs 323 crore in Q1FY24 to the current levels.
In addition, the company has reduced its net loss by 35 percent year over year, from a net loss of Rs 17 crore in Q2FY23 to a net loss of Rs 11 crore in Q2FY24. Their profit increased by 38 percent on a quarterly basis from a net loss of Rs 18 crore in Q1FY24 to the current levels.
Small-cap company has a market capitalization of Rs 5,575 Crores, the share price has risen by 130 percent in the last six months and 162 percent in the last year. For instance, if an investor invested Rs 1 Lakh a year ago the current value would be 2.62 lakhs.
The promoter owns 75 percent of the company, the general public owns 8.3 percent, foreign institutional investors own 16.3 percent, and domestic institutional investors own 0.4 percent.
Puravankara Limited is in the real estate development and sales business. Projects in Bangalore, Hyderabad, Chennai, Kolkata, Mumbai, Pune, and Goa.
Written by Sriram KV
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
