Share prices of this small cap in the business of development and sale of real estate, hit a new all-time high on Wednesday at Rs. 249.4, after the company announced its financial results for Q3 FY23-24, that is, for the quarter ended December 2023.
With a market cap of Rs. 5,732 crore, shares of Puravankara Ltd. opened at Rs. 240 on January 24 from its previous close of Rs. 220.9. The company has delivered nearly 136.6 percent returns in the last six months, whereas it has given more than 163.9 percent in the last one year. So far, it has given returns of around 27.24 percent in 2024.
The rise in the share prices was observed after the company announced its financial results (standalone and consolidated) on January 23, for the third quarter and nine months ended 31st December 2023, through a recent filing with the stock exchanges.
The company reported an increase in net profit by 266 percent on a year-on-year basis of Rs. 77.79 crore in Q3 FY23-24 from Rs. 39.77 in Q3 FY22-23, accompanied by an increase in sales by over 56 percent on a YoY basis to Rs. 1,241 crore in Q3 FY23-24 from Rs. 904.08 crore in Q3 FY22-23.
The revenue from operations grew by 45 percent to Rs. 595.88 crore in Q3 FY23-24 from Rs. 381.57 in Q2 FY23-23, whereas the pre-sales reached Rs. 3,967 crore in 9MFY24, showing consistent growth and effective expansion.
Financially, the company has reduced its net debt by Rs. 251 crore with remarkably improving collections and cash balance. The EBITDA stood at Rs. 218 crore, up by 71 percent on a YoY basis, and the net debt-to-equity ratio stood at 0.85 for Q3FY24.
As of December 2023, the balance collections from sold units, including completed and ongoing projects, in all launched projects stood at Rs. 3,857 crore, and the total value of unsold inventory, including new launches in Q3 FY23-24, stood at Rs. 5,617 crore. The company’s total estimated surplus from all completed and ongoing projects remained at Rs. 6,747 crores.
Headquartered in Bengaluru, the Puravankara Group is one of India’s most trusted realty majors with a pan-India presence. The company has established three different residential brands in the last four decades, namely Purva, Provident Housing Limited (PHL) and Purva Land, serving the entire spectrum of housing and plotted development needs.
Purvankara has completed 83 projects measuring approximately 48 million square feet across nine different cities and its total land bank is around 41 million square feet along with its ongoing projects that add up to nearly 29 million square feet.
Written by Shivani Singh
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