Puravankara (PURVA) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 saw robust operational and financial performance, with sales value of INR 1,128 crore, sales volume at 1.29 msft, and collections up 39% YoY to INR 965 crore, supported by strong demand and expansion into new geographies.

• Total revenue for Q1 FY25 grew 101% YoY to INR 676 crore, with EBITDA at INR 148 crore and margin of 22–23%.

• PAT for Q1 FY25 was INR 15 crore, reversing a loss of INR 17 crore in Q1 FY24.

• The company is executing a strategic expansion, especially in West India, and is focused on scaling up launches and replenishing its land bank.

• Board approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2024, following Audit Committee review.

Financial highlights

• Total revenue for Q1 FY25 was INR 676 crore, up 101% YoY; consolidated revenue reported at ₹658.33 crore.

• EBITDA for Q1 FY25 was INR 148 crore, with a margin of 22–23%.

• Collections reached INR 965 crore, up 39% YoY, indicating improved operating efficiency.

• Net debt as of June 2024 was INR 2,237 crore, with a net debt-to-equity ratio of 1.1–1.14.

• Cash and bank balances rose to INR 1,034–1,044 crore as of June 30, 2024.

Outlook and guidance

• Launch pipeline for FY25 includes 17.25 million sq ft, with 12.7 million sq ft from new projects and 4.56 million sq ft from new phases.

• Management expects average realization growth of 7–9% for the year, with project-specific variations.

• Expansion into NCR is planned with an asset-light approach, targeting results in the next financial year.

• Focus on expanding presence in Mumbai, Pune, and NCR, with redevelopment projects in Mumbai expected to boost market share.

• Multiple new launches planned in Bengaluru, Coimbatore, Kochi, Pune, and Mumbai in FY25.