Puravankara shares: On October 10th, shares of Puravankara surged by over 12%, trading at a price of ₹138.95. This robust rally can be attributed to the impressive sales and collection figures the company released for the quarter ending September 2023.
Puravankara reported its highest ever quarterly sales, achieving a remarkable ₹1600 crore in sales. This surge in investor interest and confidence is due to this record-breaking performance. Specifically, the sales for the second quarter of the current fiscal year amounted to ₹1600 crore, marking a 102% increase from ₹791 crore in Q2FY23. Additionally, sales for H1FY24 have risen by 109% to ₹2725 crore, compared to ₹1304 crore in H1FY23. Furthermore, collections from the real estate business in Q2FY24 increased to ₹879 crore, up from ₹518 crore in Q2FY23, reflecting a 70% annual increase. The average price realization also improved by 7% to ₹7,947 per square foot from ₹7,419 a year ago.
The Managing Director of Puravankara, Ashish Puravankara, commented on the growth, stating that pre-sales in the second quarter of FY24 have more than doubled, a growth of 102% compared to the same period last year. With a robust pipeline of upcoming project launches, he expressed confidence in maintaining the momentum of pre-sales growth.
The real estate industry is currently undergoing a consolidation phase, which is benefitting players like Puravankara. The company confirmed to CNBC-TV18 its intent to continue capturing market share from organized players while maintaining its current development pace.
However, it’s worth noting that in the previous session, after the company confirmed that the Income Tax Department had searched its registered office and other premises, its shares dropped by 3%. The company’s facilities in various cities, including Bengaluru, Hyderabad, and Mumbai, were raided.
