Puravankara Ltd has reported a consolidated net profit of Rs 110 crore for the fourth quarter ended March 2024, a sharp improvement from a net loss of Rs 18 crore in the same quarter of the previous fiscal year. The Bengaluru-based real estate developer's total income rose to Rs 613 crore during the quarter, up from Rs 480 crore in the year-ago period, driven by strong sales and project deliveries.
Financial Highlights
The company's revenue from operations stood at Rs 608 crore in Q4 FY24, compared to Rs 477 crore in Q4 FY23, registering a growth of 27.5%. EBITDA for the quarter came in at Rs 161 crore, with margins improving to 26.5% from 14.4% in the corresponding quarter last year. The net profit for the full fiscal year 2023-24 stood at Rs 147 crore, against a net loss of Rs 65 crore in FY23.
Operational Performance
Puravankara achieved its highest-ever annual sales of Rs 3,217 crore in FY24, representing a growth of 17% year-on-year. The company delivered 5.6 million square feet of area during the fiscal year, the highest in its history. The management attributed the strong performance to robust demand in the residential segment and successful execution of projects across key markets.
The company's net debt reduced to Rs 1,697 crore as of March 2024, down from Rs 2,242 crore a year ago, reflecting improved cash flows and disciplined financial management. The board has recommended a dividend of Rs 0.50 per share for the fiscal year.
Outlook
Puravankara's chairman and managing director, Ashish Puravankara, expressed optimism about the future, stating that the company is well-positioned to capitalize on the positive momentum in the real estate sector. He highlighted the company's focus on timely delivery, customer satisfaction, and prudent financial management as key drivers of sustained growth.
The company plans to launch new projects worth over Rs 5,000 crore in the current fiscal year, focusing on affordable and mid-segment housing. With a strong pipeline and healthy balance sheet, Puravankara aims to continue its growth trajectory and enhance shareholder value.
