Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
Puravankara reported a consolidated net loss of INR 92.64 crore in Q3 FY25, a significant downturn from the INR 77.79 crore profit recorded in the same quarter last year. The company cited procedural delays, such as the e-khata policy, and expansion costs in the western region as key factors for the loss. Despite this, total revenue from projects in the first three quarters of FY25 rose by 16%, while customer collections increased by 19%. The company also invested heavily in land acquisitions and introduced new projects, adding a GDV of over INR 9,000 crore. However, net debt remained at INR 2,824 crore with an 11.73% weighted average cost.
Puravankara has recorded a consolidated net loss after tax of INR 92.64 crore for the quarter ending in the past week. This marks a decline from the profit after tax of INR 77.79 crore reported during the corresponding quarter of the previous fiscal, as per the company's BSE filing. Advertisement
The company attributed the loss to procedural delays, including the implementation of the new e-khata policy, which led to fewer handovers and, consequently, lower revenue recognition. Additionally, the costs associated with expansion in the western region further impacted financials.
The company stated that occupancy certificates and handovers for four projects, covering a total saleable area of 3.95 million sq ft and valued at over INR 3,200 crore, which were initially anticipated in Q3 FY25 or Q4 FY25, are now expected in Q4 FY25 or Q1 FY26.
Puravankara's net consolidated total income stood at INR 334.20 crore in Q3 FY25, reflecting a 5.75% decline from the INR 595.88 crore reported in the same quarter of the previous fiscal.
During the nine months ending in the past week, Grand Hills Developers, a wholly-owned subsidiary, issued 25,500 listed, secured, rated, redeemable, non-convertible debentures amounting to INR 255 crore. In the same period, Purva Oak, another wholly-owned subsidiary, issued 22,000 listed, secured, rated, redeemable, non-convertible debentures amounting to INR 220 crore.
Ashish Puravankara, the managing director of the company, noted that the firm has seen a 16% increase in total revenue from projects in the first three quarters of FY25, alongside a 19% rise in customer collections. He added that the company has invested INR 1,236 crore in land acquisitions this fiscal, aligning with its objective to expand its landbank to 45 million sq ft.
Sales volume totalled 4.24 million sq ft, while sales value stood at INR 3,724 crore. Operating cash inflows for the period under review amounted to INR 3,209 crore, a 14% increase year-on-year.
Additionally, during the quarter, the company acquired a further 36.26% stake in its existing joint venture entity, Pune Projects LLP, from another partner for a consideration of INR 35 crore.
Puravankara also expanded its portfolio with four new projects in Lokhandwala, Pali Hill, Breach Candy, and Thane, adding a potential gross development value (GDV) exceeding INR 9,000 crore.
As of the past week, the company's net debt stood at INR 2,824 crore, with a weighted average cost of debt of 11.73%. The net debt-to-equity ratio was recorded at 1.58 for Q3 FY25.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
