11, Feb 2023
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.”


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.


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.


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.

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