Commenting on the company’s performance, Ashish R Puravankara, Managing Director, Puravankara Limited, said, “We have begun the new financial year on a high note with our Q1 results. With a PAT of INR 155 up 1024% YoY and revenue of INR 542 up 184% YoY.
The foundational strength of our portfolio and operational agility kept us resilient, ensured business continuity while undergoing a seamless digital transformation. EBIDTA for Q1FY22 is at INR 386 cr with a margin at 71%, up 476% YoY. We recorded a sales value of INR 314 crores exclusively from ready-to-move and under-construction projects. This is especially encouraging in the light of increased price realization per square foot leading to margin protection. While April and May were muted amid the turbulent second wave, June saw a buoyant return to the market. We expect the positive customer sentiment to sustain in the future as well.
With a net debt reduction of INR 451 cr and operating inflows of INR 817 cr, we are well capitalized to optimize the buoyant sentiment.
Despite the disruptions and several overlapping localised lockdowns, Q1FY22 has ended strong. We have delivered consistently, with focused personnel deployment towards ready-to-move properties, concerted efforts to complete our under-construction properties, and ensured a sustained momentum in our launch pipeline.
We are confident that with the nationwide vaccination drive gaining traction, the economy will further open up and increase demand in the real estate sector. Against the backdrop of positive market forces and all favourable drivers for realty, we continue to bring customer-centric product offerings across segments and geographies.”
Operational Highlights for Q1FY22
- Area sold in Q1FY22 stood at 0.42 Msft, compared to 0.69 Msft in the quarter ended June 30, 2020.
- Sales value in Q1FY22 stood at INR 314 crore, compared to INR 398 crores in the quarter ended June 30, 2020.
Consolidated Financial Performance (As per IND-AS 115) for the quarter ended 30th June 2021
- Consolidated Revenues stood at INR 542 crores, up 184% YoY.
- EBITDA stood at INR 386 crores with margins of 71%, up 476% YoY.
- Profit before Tax (PBT) stood at INR 293 crores compared to loss of INR 23 during corresponding quarter of the previous year.
- Profit After Tax (PAT) stood at INR 155 crores compared to loss of INR 17 during corresponding quarter of the previous year.
Cash Flows
The balance collections from sold units in all launched projects stood at INR 2,159 crores as of June 30, 2021. The balance cost to go stood at INR 2,868 crores. Combined with the unsold receivables from launched projects of INR 4,636 crores, the projected operating surplus of INR 3,928 crores on the launched portfolio compares favourably against the current outstanding net debt of INR 1,848 crores as on June 30, 2021.
Debt
Our Debt-Equity Ratio has improved significantly at 0.90 as compared to 1.34 in the previous year;
The weighted average cost of debt is 11.78% as of June 30, 2021.
Credit Rating
ICRA has upgraded the long-term rating to [ICRA]A- with stable outlook from [ICRA]BBB+ with stable outlook.
Awards and Accolades
The Puravankara Group received several awards during the quarter, reflecting its leadership position in the industry. Among the noteworthy ones,
- Realty+ 40 Under 40 Awards: Certificate of Excellence – Ms. Amanda Puravankara.
- International Property Awards: Best Residential Project in the High-Rise Category – Purva Atmosphere.
- Recognition By ET Best Realty Brands: Provident Housing Limited & Puravankara Limited.
- The Brand Story: The Most Admirable Brand – Puravankara Limited.
