Puravankara shares rally 6% on strong sales, collections data

The average price realisation increased by 7 percent to Rs 7,947/sft during Q2FY24 from Rs 7,419/sft in Q2FY23.

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Shares of Puravankara zoomed more than 6 percent at Rs 131.35 on October 10 after the company reported sales and collections in the second quarter ended September 2023.

The company has achieved the highest-ever sales value of Rs 1,600 crore in any quarter and the second quarter of any financial year since inception, which were up 102 percent from Rs 791 crore in Q2FY23. Sales were also up 109 percent to Rs 2,725 crore in H1FY24 as against Rs 1,304 crore in H1FY24.

The customer collections from the real estate business increased to Rs 879 crore in Q2FY24 versus Rs 518 crore in Q2FY23, up 70 percent on-year. The average price realisation increased by 7 percent to Rs 7,947 per square feet during Q2FY24 from Rs 7,419 a year back.

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“For the second quarter of FY24 pre-sales have increased more than twofold, showing a remarkable growth of 102 percent compared to the same period last year. With a robust pipeline of upcoming project launches, we are confident that we will sustain the momentum of pre-sales growth. These new launches are complemented by noteworthy achievements in sustenance sales, supported by efficient and swift execution, resulting in a 70% year-on-year increase in collections,” said Managing Director Ashish Puravankara.

In the previous session, the shares ended 3 percent lower after the company confirmed that the income tax department was conducting search operations at its registered office and other premises. The raids were conducted across the company’s premises in multiple cities, including Bengaluru, Hyderabad and Mumbai.