Puravankara has reported a growth of 244.97 per cent in its net consolidated profit during the quarter ended December 30, 2023. Its profit after tax stood at Rs 77.79 crore in Q3 FY24 as against Rs 22.55 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.The company’s net consolidated total income stood at Rs 595.88 crore, a growth of 45.19 per cent from Rs 410.40 crore it recorded in the similar quarter last year.
Ashish Puravankara, managing director of the company said, “Our total revenue increased by 45 per cent to Rs 596 crore. Our net profit for the quarter stood at 78 crores, up by 266 per cent year on year. Our pre-sales reached Rs 3,967 crores in 9MFY24. We have also reduced our net debt by Rs 251 crores with significantly improving collections and cash balance.”
The board of directors approved payment of Interim dividend of Rs. 6.30 per share for the financial year 2023-24 on 23,71,49,686 equity shares of face value of Rs. 5 each.
The board also approved sale of shares of two wholly-owned subsidiaries Purva Blue Agate and Purva Shelters to other wholly-owned subsidiaries of the company. On transfer of shares, status of both the companies will change from wholly owned subsidiaries to step down wholly owned subsidiaries.
“We are excited and encouraged with our foray into the Mumbai redevelopment market with our first project of approximately 6 lakh sq ft and a potential GDV of Rs 1,500 crores. We are actively pursuing 12 opportunities and are shortlisted with advance discussions ongoing with four societies,” said Puravankara.
During the nine months ended December 31, 2023, the following wholly-owned subsidiaries of the company have issued debentures of Rs 100,000 each, aggregating to Rs 84 crore by way of private placement:
- Varishtha Property Developers: 1,100 unsecured, rated redeemable, non-convertible debentures aggregating to Rs 11 crore and 1,400 unsecured, rated redeemable, non-convertible debentures aggregating to Rs 14 crore.
- Purva Sapphire Land: 5,200 unsecured, rated redeemable, non-convertible debentures aggregating to Rs 52 crore
- Provident Cedar: 700 unsecured, rated redeemable, non-convertible debentures aggregating to Rs 7 crore
Operating cash inflows for 9M FY24 stood at Rs 2,826 crores, and revenue from operations stood at Rs 596 crore. Operating surplus for 9M FY24 stood at Rs 965 croreThe company’s net debt stood at Rs 1,741 crore in Q3 FY24, reduced by Rs 251 crores from the previous quarter. The net debt-to-equity ratio stood at 0.85 for Q3FY24. The weighted average cost of debt stood at 11.49 per cent as of 31 December 2023.
