Puravankara shares zoom to 52-week high as sales value jumps 56% in Q3

The strong quarterly business updates ushered confidence among investors of the company reporting a stellar set of earnings for Q3.

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Shares of Puravankara surged 10.5 percent and hit a 52-week high of Rs 244.10 after the company posted a 56 percent jump in sales value in Q3.

The real estate company’s sales value for the October-December period came at Rs 1,241 crore, sharply up from Rs 796 crore recorded in the same quarter of the previous fiscal.

The company also achieved its highest-ever customer collections from the real estate business in Q3, which soared 52 percent on year to Rs 941 crore as against Rs 621 crore in the base period.

The strong quarterly business updates ushered confidence among investors of the company reporting a stellar set of earnings for Q3.

At 10.42 am, shares of Puravankara were trading at Rs 237 on the NSE. The stellar business update also tipped a spike in volumes in the counter as 37 lakh shares changed hands on the exchanges so far, sharply higher than the one-month daily traded average of 18 lakh shares.

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The company also launched two new projects during Q3- Provident Deansgate in Bengaluru and Purva Soukhyam in Chennai.

“Achieving our highest-ever collection for the first nine months of FY24 as well as for Q3 is a testament to our significant progress in construction. The successful launch of two new projects and a promising pipeline of upcoming launches shows our confidence in sustaining this positive momentum,” Ashish Puravankara, Managing Director, Puravankara stated in a exchange filing.

However, average price realisation decreased by 2 percent in Q3. The firm attributed the decline to a change in inventory mix between Purva, Provident Housing and Purva Land brands.

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