Puravankara (PURVA) Q4 22/23 earnings summary

Executive summary

• FY23 delivered record annual sales of ₹3,107cr, up 29% YoY, and record Q4 sales of ₹1,007cr, up 21% YoY; collections rose 57% to ₹2,258cr.

• Sales momentum contrasted with lower consolidated PAT of ₹66.52cr vs ₹147.56cr; full-year consolidated revenue increased 1.83% to ₹1,406.99cr.

Financial highlights

• Consolidated revenue from operations rose to ₹1,235.77cr from ₹954.70cr; total income was ₹1,406.99cr vs ₹1,381.65cr.

• Consolidated PAT fell to ₹66.52cr from ₹147.56cr; diluted EPS was ₹2.80 vs ₹6.22.

• EBITDA was ₹432cr with a 31% margin vs ₹635cr in FY22; reported PAT was ₹63cr in the operating highlights.

• Sales volume reached 4.00msft vs 3.52msft; average realisation rose 14% to ₹7,768/sft and project revenue increased 29% to ₹1,236cr.

Outlook and guidance

• FY24 launch pipeline stood at 16.21msft across 17 projects; leadership described this as the largest-ever launch programme, targeting ~15msft in the year.

• Q1 FY24 real estate presales reached ₹1,126cr, up 119% YoY, and collections were ₹696cr, up 52% YoY.

• Cash-flow visibility exceeds ₹10,000cr over 3–5 years, including ₹6,550cr from approved projects; construction order book exceeded ₹1,600cr.

• Management expects long-term real estate demand to benefit from rising incomes, urbanisation and premium-housing aspirations, while citing a 2023 global slowdown as a headwind.