Bengaluru (Karnataka) [India], April 12 (/BusinessWire India): Real estate major Puravankara Limited (BSE: 532891) on Wednesday announced that it has achieved the highest ever annual and quarterly sales of any financial year since inception by clocking Rs. 1,007 Crore in sale value in Q4 and a total of Rs. 3,107 Crore for FY23.
Commenting on the operational performance, Ashish Puravankara, Managing Director said, "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. The Company has consistently experienced growth during FY23, indicating our sustained efforts towards gaining market share. Despite maintaining a strong pace of sales growth, our unwavering commitment to execution, prompt delivery, and customer satisfaction remain at the forefront of our priorities. We expect our pre-sales growth momentum to continue, driven by a healthy pipeline of new launches of 14 million sqft in coming quarters."
Real estate is expected to contribute a larger share of India's GDP and expand its market size in the coming years. The continued strong momentum and high demand are positive indicators for the real estate market which indicates that there is a healthy balance between supply and demand, with more buyers than available properties. The unchanged repo rates will further support the existing growth momentum. In this consolidation phase, the company expects to potentially gain market share.
Key Sales highlights (on a consolidated basis)
- Achieved the highest ever sale value of Rs. 3,107 Crore for FY23, the highest in any financial year since inception. A sizeable increase of 29% compared to Rs. 2,407 Crores in FY22.
- This impressive increase in sales is accomped by an equally impressive increase in customer collections from the real estate business; which increased to Rs. 2,258 Crore in FY23 in comparison to the customer collection of Rs. 1,440 Crore in FY22. This implies a whopping jump of 57%.
- Average price realization increased by 14% to Rs. 7,768/sft during FY23 from 6,838/sft in FY22.
- Achieved highest ever sale value of Rs. 1,007 Crore for the fourth quarter of any financial year since inception. Up by 21% compared to Rs. 831 Crore in Q4FY22.
New project launches in FY23
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