Puravankara (PURVA) Q2 24/25 earnings summary

Executive summary

• Q2 FY25 sales reached INR 1,331 crore with a sales volume of 1.53 million sq ft; H1 FY25 pre-sales exceeded INR 2,500 crore, driven by strong demand in tier one and emerging tier two markets.

• Revenue for H1 FY25 grew 67% year-on-year to INR 1,195 crore, with Q2 FY25 revenue up 36% YoY to INR 520 crore.

• PAT loss narrowed to INR 5 crore in H1 FY25 from INR 29 crore loss in H1 FY24; Q2 FY25 PAT loss was INR 19.88 crore.

• Customer collections rose 18% YoY in Q2 and 27% YoY in H1, reflecting improved operating efficiencies and robust liquidity.

• New launches were limited in H1, with only INR 148 crore in new launch sales versus INR 700 crore last year, impacting sales growth; majority of sales came from sustenance projects.

Financial highlights

• Consolidated revenue from operations for Q2 FY25 was ₹658.33 crore, up from ₹519.68 crore in Q1 FY25 and ₹368.33 crore in Q2 FY24.

• EBITDA margin stood at 28% for Q2 and 24% for H1 FY25.

• Net loss of INR 19.88 crore in Q2 and INR 5 crore in H1 FY25.

• Average realization increased 9% YoY to INR 8,697 per sq ft, with Puravankara and Provident brands seeing 17% and 15% increases, respectively.

• Land investments of INR 945 crore made in H1 FY25 to support future growth.

Outlook and guidance

• Launch pipeline for H2 FY25 includes 12.27 million sq ft of new projects, with a GDV of approximately INR 13,600 crore; INR 8,000 crore expected to open for sale in the next two quarters.

• Management targets pre-sales CAGR in line with or above industry growth, aiming to scale land bank to 45 million sq ft over the next three years.

• Total cashflow visibility of INR 14,757 crore over the next 3–5 years, including surplus from ongoing, pipeline, and commercial projects.

• Focus remains on major markets (Bangalore, Chennai, Hyderabad, Mumbai, Pune, NCR) with opportunistic projects in secondary cities.

• Management expects unbilled revenue to be recognized in upcoming quarters and is confident about billing and project timelines.