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Puravankara reports highest ever Q3 sales, revenue growth of 67% amounting to 410 Cr.

Mumbai, February 11, 2023: Puravankara Limited (BSE:532891), one of India’s most trusted real estate players, announced its financial results today for the third quarter (Q3FY23) ending December 31, 2022.

Commenting on the company’s performance, Ashish Puravankara, Managing Director, Puravankara Limited, said, “We have recorded the highest ever sales booking of Rs. 2,100 Cr. in the first nine months of the financial year. This outstanding result was supported by the launch of seven new projects in 9MFY23, as well as the continuing interest by home buyers in our ongoing projects.”

On Puravankara’s future plans, he said, “We will continue to work towards expanding our market share, and we are excited to announce that in Q3FY23 the group has achieved increased revenue from projects by 77%, increased collection from operations by 87% from construction and delivery against the similar quarter in the previous year. This is supported by increased sales and new launches of over 4.11 msft in 9MFY23 with the last quarter of the current financial year adding another 2.17 msft. Our per Sq. Ft. of debt on under construction area has reduced by 49% from Rs. 2,524 to Rs. 1,291 over the last four years.

Our focus continues to be on the customer with our ‘You philosophy’, and the results are a testament to the team’s commitment, anchored by Puravankara’s value loads of quality, trust, and customer experience.”

Highlights

Operational Highlights for Q3FY23

• Area sold stood at 1.02 msft (+3% Y-o-Y)
•  Sales value stood at Rs. 796 Cr. (+20% Y-o-Y)
•  Sales realization stood at Rs. 7,767 per sq. Ft. (+15%Y-o-Y)

Consolidated Q3FY23 Financial Performance

•  Net Revenues stood at Rs. 410 Cr. (+67% Y-o-Y)
•  EBITDA stood at Rs. 128 Cr. (+51% Y-o-Y)
•  Profit After Tax stood at Rs. 21 Cr. (1,213% Y-o-Y)

Cash Flows

As on 31st Dec 2022,

•  Balance collections from sold units (completed + ongoing) in all launched projects stood at Rs. 2,643 Cr.
•  Total estimated value of unsold inventory open for sale stood at Rs. 5,641 Cr.
•  Total estimated pending project cost to be incurred stands at Rs. 3,517 Cr.
•  Total balance estimated collection from sold and unsold inventory including not open for sale is Rs. 12,582 Cr.
•  Total estimated surplus after construction cost and contingency is 6,774 Cr.

Debt

The overall net debt reduced by Rs. 109 Cr., from Rs. 2,144 Cr. (as of Q2FY23) through operations, while debt increased by Rs. 100 Cr. (in Q3FY23) owing to land acquisition resulting in overall net debt of Rs. 2,135 Cr.

While the repo rate increased over a 12-month period by 225 bps, the cost of debt for the group has increased by only 67 bps. The weighted average cost of debt stood at 11.18% as of 31st December 2022.

Net debt-to-equity ratio stood at 1.09 for Q3FY23.

Outlook

In spite of the rise in home loan rates, we see sustained strong demand, particularly for grade-A developers. The government’s focus on infrastructure, investment and housing for all in the budget is commendable. The steep hike in outlay for the PM Awas Yojana by 66% to Rs. 79,000 Cr. will give the much-needed fillip to the affordable housing sector. An estimated growth rate of over 6% for the Indian economy for the next financial year is likely to support the current momentum of sales in the real estate sector.

redBus kindles a romantic tryst with travel this Valentine’s Day

India, February 10th, 2023: Valentine’s Day- a cultural commemoration of love and romance, is around the corner and while the 14th of February is generally celebrated the world over as the day of love and affection, a love interest could also be something other than the usual and cherished with equal passion.

redBus, a MakeMyTrip group company, and the world’s largest intercity bus ticketing platform has released a short video to that effect, as a tribute to those whose first love is traveling. The 54-second film drives this narrative and calls out the message – ‘This Valentine’s Day, Chalo #PyaarKeRaaste redBus ke Saath, encouraging and enticing people to have a passionate love affair with traveling. The film also concurs with redBus’ larger brand narrative of ‘Apno ko, sapno ko kareeb layer, which calls upon people to bring their loved ones and dreams closer to redBus.

Make your Sundays delightful with The Zodiac Brunch at Hilton Goa Resort

What better way to enjoy a Sunday in Goa than with a delicious brunch? Better yet, make that a Zodiac brunch @Saipe, Hilton Goa Resort. As the name suggests, The Zodiac Brunch at Hilton Goa Resort is a unique concept derived from the 12 Zodiac signs of the Astrological calendar. Staying true to the genesis of the idea, the spread changes every month based on the preferences of the star sign.

For the 2023 edition of the Zodiac Brunch, the culinary team at the resort has crafted a menu that caters specifically to the likes of the Aquarians. The brunch menu features dishes like a classic Greek Chicken Salad, Smoked Salmon & Cream Cheese Sushi, and Goan Fish curry with brown rice amongst others, alongside live food counters. While the savory items are sure to tantalize your taste buds, desserts like Passion Citrus Panna Cotta, Key Lime Pie and Grandma’s Dark Chocolate Cake will drown you in sinful indulgence.

The Zodiac Brunch further stands out for its special offers such as guests who are celebrating their birthday can dine with compliments while a 20% discount is extended to Aquarians who are celebrating their birthday month. In addition to this, the resort will also be highlighting activities like Aqua Zorbing, and live astrology sessions by a professional Astrologer, among a few others. The kids club, Fun n’ Frolic, will also be available for the little guests at the resort while the adults enjoy the stunning views of the sunset by the pool with brunch cocktails to elevate the experience.

Make your Sundays exciting with your friends and family at The Zodiac Brunch.

Time: Every Sunday from 12.30 p.m to 4.30 p.m

Place: @Saipe, Hilton Goa Resort

Price: Brunch with Alcohol: INR 2750 plus taxes

Brunch without Alcohol: INR 2250 plus taxes

CHUK Delivery Containers Launched; Solves the Biggest Packaging Challenge for QSRs, Cafes, Delivery Kitchens

New Delhi, February 10, 2023: As the scale of the food delivery industry magnifies, especially since the advent of companies like Swiggy & Zomato, brands are continuously looking for sustainable alternatives for packaging. This is because, with increasing convenience for consumers, there is also a looming danger of an exponential increase in non-biodegradable waste as the commonly used materials for delivery are plastic, thermocol, aluminum, etc. However, there are a number of challenges being faced by such brands in terms of the availability of effective alternatives to single-use plastic. Thankfully, many companies are working in this direction and significant progress has been made, and the key beneficiaries of these developments in the food industry are QSRs, cafes, cloud kitchens, etc.

CHUK, an initiative of Yash Pakka Limited (YPL), has launched compostable delivery containers. The company has already been established as one of the most popular brands for compostable tableware, with various conscious brands like Haldiram’s, Bikanervala, Chaipoint, etc. relying on CHUK for their food service requirements. With the launch of delivery containers, the company aims to put a stop to the use of single-use plastic for food delivery, thereby strengthening its resolve of working towards a cleaner planet.

These newly introduced delivery containers will be available in four different sizes – 350 ml, 500 ml, 750 ml, and 1000 ml. All the containers come with snug-fit lids and are therefore spill-proof and leak-proof. In addition, these are also microwavable, freezable, and ovenable. Some of these attributes add to the utility of CHUK delivery containers as opposed to regular plastic containers. Another extremely important characteristic of the newly-launched containers is that these are free of artificial chemicals, making them food-safe, furthering the purpose of CHUK to help you ‘eat safely’. Coming from the mother brand Yash Pakka Limited which is situated in Ayodhya, all CHUK products are Made in India.

The 100% compostable delivery containers have been manufactured using bagasse – the agri-residue of sugarcane. About 90% of the raw material being used by the company is sourced locally. After due usage, the products turn into compost within 180 days. It is noteworthy that these delivery products have been launched after rigorous research and development with multiple tests and trials being conducted using real-life delivery scenarios.

The delivery containers have already found some takers in brands such as Shri Mata Vaishnodevi Shrine Board, FabCafe, Salad Point, Greenit, and Basil Box. Further on, CHUK will cater to quick service restaurants (QSR), cloud kitchens, and takeaway restaurants with its latest range. Over the last few years, CHUK has also been acknowledged with the highest design award from Red Dot Germany, Good Design in Japan, India Design and NCII, and thus it is also a favorite among brands looking for ergonomic designs for food service and delivery.

On the launch of its new delivery containers, Satish Chamyvelumani, Business Head – Compostables, Yash Pakka Ltd. said, “Our delivery containers have been launched after rigorous research, multiple trials, and customer feedback, as a reliable and sustainable alternative to other available products. Having already launched and raised awareness around compostable tableware products, foraying into the food delivery packaging space was the next natural progression for us. Our overarching goal has been to find alternatives for single-use plastic for a cleaner planet, and with the launch, we are solidifying our stance. We look forward to empowering delivery brands to offer safe food via our delivery containers, and to transform the way people consume their food.”

The launch of delivery containers is a highly-anticipated one, and one of the most significant in an elaborate line of offerings that CHUK plans to bring to the consumers in the future with the mission of a cleaner Earth. India alone produces about 3.4 million tonnes of plastic waste every year. Even if recycling is taken into account, only about 30 percent of all plastic waste is recycled. More specifically, the online food delivery market in India is worth approximately $5 billion and is expected to grow to nearly $20 billion in the next 5 years. The enormous concern of plastic waste that we are faced with today is only set to magnify multifold in the coming years if the packaging patterns remain unchanged. In such conditions, it is imperative for Yash Pakka and other such global companies with an impact to find sustainable alternatives to single-use plastic.

ITFS to help India achieve the USD 2 trillion Export Target

Mumbai, 10 Feb 2023 Friday: Vayana TradeXchange (VTX) the leading International Trade Finance Services (ITFS) platform conducted a roadshow in association with International Financial Services Centres Authority (IFSCA) the unified regulator at Gujarat International Finance Tec-City – International Financial Services Centre (GIFT-IFSC).

The event was presided over by Shri Dipesh Shah, ED, IFSCA, other senior IFSCA representatives along with senior members from various Export Promotion Councils, Banks, Factoring & insurance companies, exporters/importers, CFOs of large corporates, MSMEs, and senior officials from Trade Credit Insurance companies.

Shri Dipesh Shah hailed ITFS as one of its kind and unique platform which in the coming days will completely change the way exporters in India access trade finance. It aims to democratise the trade finance space by providing an electronic platform that connects exporters, importers and financiers across the globe.

Shri Ram Iyer, Founder & CEO of Vayana Network, addressed the MSME exporters at the event and from his experience of running India’s largest supply chain finance platform shared how VTX platform has been built keeping Vayana’s ethos of a zero change in processes for the customer at its core thereby, reducing acquisition and servicing costs and allowing the smallest of businesses to secure finance from the largest of lenders at affordable rates.

As the world increasingly moves towards open account trade, trust is the most critical factor in keeping the supply chains moving.

With India increasingly becoming an important manufacturing destination coupled with the government’s push-through schemes such as Make in India, PLI, it is critical that factoring is adopted as a means to build trust and minimise risk in a transaction to increase trade velocity.

World over, for the global economy to completely recover from the shock of the disruptions caused by the pandemic and for supply chains to become resilient, ITFS platforms such as VTX are need of the hour.

Shri Kalyan Basu, MD & CEO of Vayana TradeXchange shared, “Transactions on the platform are moments of truth and VTX platform is well past that stage with 6 financiers from India and abroad, 10 sellers (exporters), from India and 7 buyers (importers) outside India. This end-to-end digital auction-based cross-border trade platform has no precedence across the globe and putting it together has been an amazing journey that has just begun.”

The platform offers a win-win for buyers sellers and financiers as they simply enter into a one-time agreement with VTX, enabling them to access new markets and grow their business.

Mr. Vinod Parmar, Director, Vayana TradeXchange, gave the closing remarks and said, “Through ITFS we envision a future where Indian exporters will be emboldened to grow their ambitions and expand their footprint across the world deepening their presence across global supply chains. This is India’s decade and VTX will play a pivotal role in making India the leading manufacturing hub.”

The ITFS platforms like VTX will in near future allow buyers and sellers from anywhere in the world to access trade finance from multiple financiers through a unique bidding mechanism that will help them discover the best possible rates.

Vayana TradeXchange will soon sign MOUs with various Export Promotion Councils and trade associations to further create awareness about the platform among their members.