Puravankara has reported net consolidated loss after tax of Rs 17.86 crore during the quarter ended June 30, 2023. It had registered profit after tax of Rs 34.44 crorein the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 335.81 crore in Q1 FY24, a growth of 12.93 per cent from Rs 297.35 crore it recorded in the similar quarter last year.
Ashish Puravankara, managing director of the company said, “Pre-sales has more than doubled (119% growth Y-o-Y) vs Q1FY23. With a robust pipeline of 15 million sq ft of new launches this year, we are confident of continuing to drive our pre-sales growth momentum.”
The company recorded sales of Rs. 1,126 crore, an increase of 119% year-on-year. Sales volume for the quarter stood at 1.36 million sq ft, up by 97% year-on-year with a strong collection of Rs. 696 crore. Average price realisation increased by 11% to Rs. 8,227 per sq ft during the quarter, up from Rs. 7,436 per sq ft in Q1 FY23.
The net debt stood at Rs. 2,119 crores and the net debt to equity ratio stood at 1.07 for Q1FY24. Net debt has reduced by 89 crores compared to the previous quarter.
During the quarter ended June 30, 2023, a subsidiary of the company has invested in Pune BLR 99 Developers LLP (subsidiary entity), it said in the regulatory filing.