Puravankara shares rise nearly 3% after strong Q4 update

The shares of the real estate company Puravankara rose by almost 3 per cent on Wednesday on after the company reported 21 per cent rise in sales value on yearly basis in the quarter ended March 2023 (Q4FY23).

The company achieved its highest ever sales value of ₹1,007 crore as compared to ₹831 crore in the corresponding quarter last fiscal.

“Achieved highest ever sale value of INR 1,007 Crore for the fourth quarter of any financial year since inception. Up by 21% compared to INR 831 Crore in Q4FY22,” said Puravankara in its filing.

The realty firm further posted a 19 percent rise in realisations at ₹8,321/sqft vs ₹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 company also registered its highest ever sale value of ₹3,107 crore for FY23, the highest in any financial year since inception. It is an increase of 29 per cent compared to ₹2,407 crore in FY22.

Puravankara's average price realization also rose by 14 per cent to ₹7,768/sft during FY23 from ₹6,838/sft in FY22.

“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 remains 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,” said Ashish Puravankara, MD.

On Wednesday, the company's scrip ended 2.67 per cent up at ₹77.73 on BSE.