Puravankara displays strong performance in Q1, records Rs. 1,126 crores in sale value
Puravankara Limited (BSE: 532891), one of India’s most trusted and admired real estate developers, has recorded a strong sales performance in Q1FY24, with a sale value of Rs. 1,126 crores, the highest for any quarter and Q1 since inception, the company said in its quarterly operational update.
City Air News
Jul 6, 2023 12:44
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Bengaluru, July 6, 2023: Puravankara Limited (BSE: 532891), one of India’s most trusted and admired real estate developers, has recorded a strong sales performance in Q1FY24, with a sale value of Rs. 1,126 crores, the highest for any quarter and Q1 since inception, the company said in its quarterly operational update.
Ashish Puravankara, Managing Director of Puravankara Ltd., said, “Our unwavering dedication to growth and our ongoing efforts to capture a larger market share has resulted in
the highest-ever Q1 sales in the history of the company. This is a remarkable achievement.
This quarter pre-sales has more than doubled (119% growth on a Y-o-Y basis) vs Q1FY23.
With a strong pipeline of new launches, we are confident that we will continue to drive our
pre-sales growth momentum. Our new launches are complemented by impressive sustenance
sales achievements, supported by efficient and fast-paced execution leading to increased
collections by 52% on a Y-o-Y basis.
Additionally, I am delighted to share that continuous improvement in business performance
and cash flows will give the company a fillip to steer incremental growth through new
acquisitions in line with our future goals.”
The real estate market has exhibited exemplary growth in the past year and our company is
well-positioned to capitalise on these opportunities. Our focus on transparency, trust,
technology integration, a diversified portfolio, and strong partnerships will drive our future
performance and ensure continued growth and profitability.
Factors such as the need for larger houses, rising incomes, job creation, and stable home loan
rates have further contributed to this demand. As the industry places a growing emphasis on
sustainability and green buildings, Puravankara stands uniquely positioned to reap the
benefits due to our continuous efforts towards sustainability.
