BusinessWire India Bengaluru Karnataka [India] May 24 Puravankara Limited BSE 532891 one of India most trusted real estate players announced its financial results today for the fourth quarter Q4FY24 ending March 31 2024 and consolidated results for FY24 Sales soared to Rs 1947 crores in Q4FY24 showcasing an excellent 93 per cent Y-o-Y growth Sales volume for the quarter stood at 235 msft +94 per cent Y-o-Y with a strong collection of Rs 1094 crores +66 per cent Y-o-Y Total revenue for Q4FY24 was Rs 947 crores up by 112 Y-o-Y For FY24 sales stood at Rs 5914 crores a staggering 90 per cent Y-o-Y increase Sales volume increased by 84 to 736 msft with Rs 3609 crores in collections +60 Y-o-Y Total revenue increased by 61 Y-o-Y to Rs 2260 crores Operating cash inflows for FY24 stood at Rs 3948 crores +41 per cent Y-o-Y while net operating surplus was Rs 513 crores +598 per cent Y-o-Y Focused on value creation and future business growth the company has incurred expenses for marketing and sales to increase pre-sales by 90 and towards General and Administrative GA costs for new acquisitions in new geographies which is reflected in the PL Commenting on the company performance Ashish Puravankara Managing Director Puravankara Limited said For FY24 we achieved pre-sales of Rs 5914 crores up by 90 year-on-year demonstrating our commitment to growth and trust of our customers We launched 12 projects with a saleable area of 947 million square feet reinforcing our expansion into high-potential micro-markets As of date we have successfully secured redevelopment rights and have been appointed as the preferred developer for three redevelopment projects in Mumbai with a potential gross development value of Rs 3600 crores and are in advance discussions for more projects We are happy to announce that we have successfully returned investments of IFC and ASK amounting to Rs 410 crores In line with our growth plans to replenish our land bank we have deployed Rs 300 crores of land advances from internal accruals and debt showcasing our successful generation of project surpluses and deployment thereof This quarter financials reflect increased expenses for pre-sales and GA towards new acquisitions along with geographic expansion towards future value creation Yearly Performance Summary FY24 * Area sold 736 msft +84 Y-o-Y * Sales value Rs 5914 crores +90 Y-o-Y * Sales realisation Rs 7916sft 2Y-o-Y * Revenue from projects Rs 2260 crores +61 Y-o-Y * EBITDA Rs 531 crores +23 Y-o-Y * Profit Rs 42 crores -33 Y-o-Y * Net operating surplus Rs 513 crores +598 Y-o-Y Quarterly Performance Summary Q4FY24 - Area sold 235 msft +94 Y-o-Y - Sales value Rs 1947 crores +93 Y-o-Y - Sales realisation Rs 8285sft +0 Y-o-Y - Total Revenue Rs 947 crores +112 Y-o-Y - EBITDA Rs 139 crores +30 Y-o-Y - Loss Rs 7 crores -124 Y-o-Y Projected Cash Flows As of 31st March 2024 * Total estimated surplus from all completed and ongoing projects is Rs 7455 crores * The estimated surplus from commercial projects stood at Rs 1356 crores * The estimated surplus from the launch pipeline stood at Rs 2696 crores * The total estimated surplus stood at Rs 11507 crores Debt The company net debt stood at Rs 2151 crores and the net debt-to-equity ratio stood at 114 for Q4FY24 The weighted average cost of debt stood at 1159 as of 31st March 2024 Outlook India economy continues to shine with the National Statistical Office revising its GDP growth estimates for FY24 from 73 to 76 This solidifies India position as one of the fastest-growing economies globally As part of this growth story real estate is also poised to reach a market size of USD 1 trillion by 2030 painting a strong picture for future growth Increased demand for residential real estate aligns well with the growth in economic activity and rising incomes Puravankara is well-positioned financially and operationally to target growth and increase its market share We will continue strengthening our presence in the southern markets and increasing investments in new geographies including West and North We remain committed to building international-quality products keeping the customer at the center of our strategy Tip Sheet Upon transition to Indian Accounting Standards Ind AS including Ind AS 115 the Company has moved from the erstwhile percentage of completion method of revenue recognition to a completed contract method of revenue recognition The aforesaid change in the timing of revenue recognition has brought a significant variation in the periodical financial results as the revenue is no longer recognised rateably over the project execution period but recognised upon completion of the project and handover of flats to the customers ADVERTORIAL DISCLAIMER The above press release has been provided by BusinessWire India ANI will not be responsible in any way for the content of the same