Puravankara shares surge 5% following announcement of highest ever sales

The average price realisation increased by 14 percent to Rs 7,768/sft during FY23 from Rs 6,838/sft in FY22.

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Puravankara’s share price rose 5% intraday on April 12, following the company’s announcement of achieving its highest-ever sales for the quarter and financial year ended 2023.

Puravankara recorded a sale value of Rs 3,107 crore for FY23, the highest in any financial year since its inception, representing a 29% increase from the previous year’s sales of Rs 2,407 crore, according to the company’s press release.

The customer collections from the real estate business increased to Rs 2,258 crore in FY23 against Rs 1,440 crore in FY22, a growth of 57 percent.

The average price realization increased by 14 percent to Rs 7,768/sft during FY23 from Rs 6,838/sft in FY22.

Also, the company achieved the highest ever sale value of Rs 1,007 crore for the fourth quarter of any financial year since inception, which rose 21 percent compared to Rs 831 crore in Q4FY22.

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“The Company has consistently experienced growth during FY23, indicating our sustained efforts towards gaining market share. Despite maintaining a strong pace of sales growth, our unwavering commitment to execution, prompt delivery, and customer satisfaction remains at the forefront of our priorities,” said Ashish Puravankara, MD of Puravankara.

“We expect our pre-sales growth momentum to continue, driven by a healthy pipeline of new launches of 14 million sqft in coming quarters,” he added.

At 10:21 hrs, Puravankara was quoting at Rs 78.65, up Rs 2.94, or 3.88 percent on the BSE.

The share touched a 52-week high of Rs 118 and a 52-week low of Rs 59.35 on 11 April 2022 and 28 March 2023, respectively.

Currently, it is trading 33.35 percent below its 52-week high and 32.52 percent above its 52-week low.