Puravankara Ltd

Puravankara announced that ICRA has reviewed the credit rating for Rs. 3000 crore bank facilities and has reaffirmed the long-term rating at [ICRA] A-(Stable) and short-term rating at [ICRA] A2+.Powered by Capital Market - Live

Net loss of Puravankara reported to Rs 92.41 crore in the quarter ended December 2024 as against net profit of Rs 77.92 crore during the previous quarter ended December 2023. Sales declined 44.54% to Rs 318.17 crore in the quarter ended December 2024 as against Rs 573.70 crore during the previous quarter ended December 2023. ParticularsQuarter EndedDec. 2024Dec. 2023% Var. Sales318.17573.70 -45 OPM %5.0434.15 - PBDT-110.73113.02 PL PBT-119.01106.29 PL NP-92.4177.92 PL Powered by Capital Market - Live

Puravankara will hold a meeting of the Board of Directors of the Company on 14 February 2025.Powered by Capital Market - Live

PPL Hebbal Developers, wholly owned subsidiary of Puravankara has invested in NBD Office Park LLP as a partner with Capital Contribution of Rs. 2,96,00,000 (24.99% share). Powered by Capital Market - Live

The company achieved a sale value of Rs 3,724 crores during the nine month period of FY25. The customer collections stood at Rs 993 crores in Q3 FY25, up 6% YoY. For 9M FY25, customer collections increased to Rs 2,991 crores, up by 19% compared to Rs 2,515 crores for 9M FY24. Average price realisation increased by 16% to Rs 8,848/sft during Q3 FY25 from Rs 7,621/sft in Q3 FY24. Ashish Puravankara, managing director, Puravankara, said, 'The growth in collections is a clear reflection of our strong operational efficiency. In 9M FY25, we achieved collections of Rs 2,991 crore, a 19% YoY increase, with Rs 993 crore in Q3 FY25, a 6% increase YoY. Pre-sales for Q3 FY25 reached Rs 1,265 crore, up by 2% YoY. Keeping in line with our acquisition strategy and our growth plans for the current and next financial year, we have invested approximately Rs 1,100 crore this fiscal, adding a potential GDV of around Rs 10,500 crore. This includes our most recent acquisition in Kanakapura Road, Bengaluru.' On outlook front, the firm stated that the foreign equity investments in real estate reached an all-time high of $11.4 billion in 2024. Additionally, the absorption of over 70 million square feet of office space in CY24 across six major cities underscores strong commercial demand driven by GCCs and an expected increase in hiring. While downward revision of advance estimates for FY25 indicates GDP growth of 6.4%, this slowdown is seen as temporary, with India's economic fundamentals remaining strong. In the upcoming budget, increased government spending on infrastructure, tax reform, incentives to spur private investments, and FDI in manufacturing are expected to boost the economy. Puravankara added that it is strategically positioned to increase its market share in a growing and consolidating real estate market. While delays in approvals have led to fewer launches in 9M FY25, the company plans to catch up with its launch pipeline of 15.70 million sq. ft between Q4 FY25 and Q1 FY26. The Puravankara Group is involved in real estate development, with residential assets constituting most of its portfolio. It is present in both the premium and the affordable housing segments under the brands'Purva and Provident, respectively. The Group has major operations in Bangalore, with considerable presence in Chennai, Kochi and Hyderabad, apart from Pune. The company reported consolidated net loss of Rs 17.06 crore in Q2 FY25 as against net loss of Rs 11.22 crore posted in Q2 FY24. However, revenue from operations jumped 34.53% to Rs 495.54 crore in the September 2024 quarter. The scrip slipped 6.90% to currently trade at Rs 333.70 on the BSE.Powered by Capital Market - Live

Puravankara has acquired a 3.63-acre land parcel in Kanakapura Road, Bengaluru. This acquisition aligns with the company's strategic vision to expand its footprint in key Bengaluru micro-markets with robust infrastructure, connectivity, and residential demand. The recently acquired land parcel in Vajrahalli, Kanakapura Road, spans an area of 3.63 acres, with a saleable area of 5.42 lakh sq ft and a total estimated Gross Development Value of Rs 700+ crore.Powered by Capital Market - Live

The company stated that this acquisition aligns with its strategic vision to expand its footprint in key Bengaluru micro-markets with robust infrastructure, connectivity, and residential demand. The acquired land parcel in Vajrahalli, Kanakapura Road, spans an area of 3.63 acres, with a saleable area of 5.42 lakh sq. ft. and a total estimated GDV of more than Rs 700 crore. The land parcel is in a prime location on Kanakapura Road and has seamless road and metro connectivity to prominent parts of the city. It is located 1 km from Thalaghattapura Metro Station on the Green Line of Namma Metro. J.P. Nagar, a well-established residential and commercial hub, is about 7 km away. The area also boasts robust social and retail infrastructure, added the realtor. Ashish Puravankara, managing director, said: We are excited to announce the acquisition of this land parcel at a prime location on Kanakapura Road, Bengaluru. This strategically located land parcel is in a micro-market with buoyant demand and low availability of land for development. Given its excellent connectivity and well-established infrastructure, it has significant potential for premium residential development. Our focus will continue to be on business development to replenish our land bank in such strategic locations with favourable demand-supply conditions.' The Puravankara Group is involved in real estate development, with residential assets constituting most of its portfolio. It is present in both the premium and the affordable housing segments under the brands Surva and Provident, respectively. The group has major operations in Bangalore, with considerable presence in Chennai, Kochi and Hyderabad, apart from Pune. The company reported consolidated net loss of Rs 17.06 crore in Q2 FY25 as against net loss of Rs 11.22 crore posted in Q2 FY24. However, revenue from operations jumped 34.53% to Rs 495.54 crore in the September 2024 quarter. The scrip shed 0.61% to Rs 377.60 on the BSE. Powered by Capital Market - Live

The board of directors based on the recommendation of the nomination and remuneration committee and the audit committee approved the appointment of Rastogi as the Group CFO, who shall also be designated as the key managerial personnel of the company as on the same date. Deepak Rastogi has 32 years of experience in finance, strategy, and transformation across diverse industries and international markets. He has held leadership positions, including president & group CFO at Deepak Fertilisers and Petrochemicals and president & group CFO at TATA Autocomp Systems. He is a chartered accountant with an MBA from S P Jain Institute of Research & Management. He has a distinguished history of leading financial strategies and implementing transformative initiatives that drive efficiency and profitability. His insights and skills will help drive Puravankara's expansion and growth plans, stated the company. Ashish Puravankara, managing director of Puravankara, said, 'We are excited to have Deepak on board to strengthen our operating efficiencies and financial controls in line with our future plans. His vast experience and strategic acumen will be instrumental as we pursue expansion opportunities. We are confident his leadership will contribute significantly to our ongoing success.' Further, Neeraj Gautam, who has been serving as the president - finance at Puravankara, has been elevated to the post of deputy chief financial officer. Meanwhile, the board also approved acquisition of the balance shares of Sobha Puravankara Aviation (SPAL) held by other shareholders. The acquisition will be completed in the next 3 months and post that SPAL will become wholly owned subsidiary of Puravankara. The Puravankara Group is involved in real estate development, with residential assets constituting most of its portfolio. It is present in both the premium and the affordable housing segments under the brandsurva and Provident, respectively. The group has major operations in Bangalore, with considerable presence in Chennai, Kochi and Hyderabad, apart from Pune. The company reported consolidated net loss of Rs 17.06 crore in Q2 FY25 as against net loss of Rs 11.22 crore posted in Q2 FY24. However, revenue from operations jumped 34.53% to Rs 495.54 crore in the September 2024 quarter. The scrip rose 0.86% to Rs 386.45 on the BSE. Powered by Capital Market - Live

However, revenue from operations jumped 34.53% to Rs 495.54 crore in Q2 FY25 as against Rs 368.33 crore posted in corresponding quarter previous fiscal. The company reported pre tax loss of Rs 17.06 crore in the second quarter of FY25 as compared with pre tax loss of Rs 11.22 crore posted in Q2 FY24. Net debt stood at Rs 2,430 crores, and the net debt-to-equity ratio stood at 1.29 for Q2 FY25. The weighted average cost of debt stood at 11.62% as of 30 September 2024. As of 30 September 2024, the company's balance collections from sold units (completed + ongoing) in all launched projects stood at Rs 4,520 crore. Total estimated surplus from all completed and ongoing projects is Rs 7,490 crore. Around Rs 945 crore has been invested in land, with a potential Gross Development Value (GDV) of Rs 9,700 crore from 5.8 msft of new acquisitions. This showcases the robust pipeline of new business being added for the company's future growth, it added. In the second quarter of FY25, customer collections increased by 18% YoY to Rs 1,033 crore. Sustenance sales grew by 14% and increased price realisation for Purva by 17% and Provident by 15% year on year. Commenting on the company's performance, Ashish Puravankara, Managing Director, Puravankara, said, 'The company has made sizeable investments of Rs 945 crores in land acquisition, with a potential GDV of Rs 9,700 crores from 5.8 msft of new acquisitions. Increased sustenance sales for H1FY25 of 14% y-o-y, along with increased price realisation in Q2FY25 for Purva by 17% and Provident by 15% y-o-y, showcases the strength of the brand along with customer appreciation of product quality and service. Operational efficiencies are visible through our increased customer collections amounting to Rs. 1,999 crores for H1 FY25, an increase of 27% y-o-y. In the coming two quarters, the company is focused on new launches amounting to around 12.27 msft with a potential GDV of around Rs. 13,625 crores and project deliveries for the remaining two quarters.' The Puravankara Group is involved in real estate development, with residential assets constituting most of its portfolio. It is present in both the premium and the affordable housing segments under the brandsurva and Provident, respectively. The group has major operations in Bangalore, with considerable presence in Chennai, Kochi and Hyderabad, apart from Pune. Powered by Capital Market - Live

Net Loss of Puravankara reported to Rs 16.78 crore in the quarter ended September 2024 as against net loss of Rs 11.20 crore during the previous quarter ended September 2023. Sales rose 34.54% to Rs 495.54 crore in the quarter ended September 2024 as against Rs 368.33 crore during the previous quarter ended September 2023. ParticularsQuarter EndedSep. 2024Sep. 2023% Var. Sales495.54368.33 35 OPM %22.6023.04 - PBDT3.22-6.43 LP PBT-4.78-12.90 63 NP-16.78-11.20 -50 Powered by Capital Market - Live