Puravankara shares rise more than 4% after company reports strong fourth quarter update

Bengaluru-based real estate company Puravankara’s stock rose more than 4 percent on Wednesday morning after the company reported its quarter 4 updates that included a 21 percent rise in sales value on yearly basis.

 

The realty firm further posted a 19 percent rise in realisations at Rs 8,321/sqft vs Rs 6,981/sqft, same quarter last year. The volumes rose 2 percent at 1.21 msf vs 1.19 msf on a yearly basis. The sales value amounted at Rs 1,007 cr compared to Rs 831 cr in Q4FY22.

 

The company also updated its FY23 numbers, where the realisations and volumes jumped 14 percent each while sales value rose 29 percent on a yearly basis. Realisations were seen at Rs 7,768/sqft vs Rs 6,838/sqft, volumes at 4 msf vs 3.52 msf and sales value at  Rs 3,107 cr vs Rs 2,407 cr on yearly basis.

 

‘We have achieved the highest ever annual and quarterly sales of any financial year since inception, with Q4 sales of Rs 1,007 crores and FY23 sales at a record high of Rs 3,107 crores,’ said Ashish Puravankara, MD of the Company.

 

Ashish Puravankara, in his statement, also mentioned that the company is expecting pre-sales growth momentum to continue, driven by a healthy pipeline of new launches of 14 million sqft in coming quarters. The official press release also noted that the unchanged repo rates will further support the existing growth momentum. The demand remains high, while the company is experiencing a continued strong momentum as well.

 

While interacting with CNBC-TV18 today, Puravankara’s Chief Executive Officer (CEO) Abhishek Kapoor said RBI's recent rate hike pause induces positive sentiment for the home buyers and that demand has been with inadequate supply being the issue. He expects Bengaluru to be a high performing market with further growth in next 4-6 months. In FY24, the company expects to launch 14 msf and is not expecting any impact on branded real estate for at least next two quarters.