Puravankara's sales bookings up 20pc in Sep quarter to Rs 597cr

Realty firm Puravankara Ltd's sales bookings grew by 20 per cent to Rs 597 crore during the second quarter of the fiscal on higher volumes and price realisation.

In its investors presentation, the Bengaluru-based firm informed that the company's sales booking increased to Rs 597 crore during July-September quarter of 2021-22 fiscal from Rs 495 crore in the previous year.

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Its sales realisation went up by 11 per cent to Rs 6,556 per square feet from Rs 5,898 per square feet.

In volume terms, sales bookings increased by 8 per cent to 0.91 million square feet during July-September quarter of this fiscal from 0.84 million square feet in the year-ago period.

During the first six months of the fiscal, sales bookings rose 2 per cent to Rs 910 crore from Rs 893 crore in the corresponding period of the previous year.

Sales volume dipped to 1.33 million square feet from 1.53 million square feet, but price realisation increased 17 per cent to Rs 6,845 from Rs 5,839 per square feet.

"Despite subdued Q1 (first quarter) performances, Q2 (second quarter) sales performances continues to drive H1 (first half of fiscal) sales," Puravankara said, adding that the growth momentum would continue in the second half of this fiscal year.

Sales in the first quarter of this fiscal was low due to an adverse impact of the COVID-19 pandemic.

On Friday, Puravankara reported a consolidated net profit at Rs 12.13 crore for the quarter ended September and announced plans to raise Rs 180 crore through issue of debentures. The company had posted a net loss of Rs 9.81 crore in the year-ago period.

Total income rose to Rs 272.15 crore in the second quarter of the current fiscal from Rs 220.07 crore in the corresponding period of the previous year.

The board also approved the issue of fully secured, unlisted, rated, non-convertible debentures via private placement. The size of the issue is Rs 180 crore in one or more tranches.

Ashish R Puravankara, Managing Director, Puravankara Ltd, said, ?The residential sector continues to witness strong demand on the back of India's economic revival, post the second wave of the pandemic. We see polarisation in demand among the top developers."

With the steady rise in homeownership as an aspiration aided by low-interest rates, he said the company is optimistic about the sector outlook.

Puravankara Ltd is developing multiple projects in South and West India.