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Updated January 10th, 2024 at 16:04 IST

Puravankara shares hit 52-week high on 56% surge in Q3 sales

The Bengaluru-based company’s total sales zoomed 56 per cent on a year-on-year (YoY) basis to Rs 1,241 crore in Q3FY24, from Rs 796 crores in Q3FY23.

Tanmay Tiwary
Real estate
Real estate | Image:Pexels
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Puravankara shares hit 52-week high: Shares of real estate development company Puravankara zoomed as much as 10.31 per cent on Wednesday to hit a fresh 52-week high of Rs 243.90 after the company announced its third quarter operational update. 

Notably, the stock has soared nearly 25 per cent year to date (YTD). 

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The Bengaluru-based company’s total sales zoomed 56 per cent on a year-on-year (YoY) basis to Rs 1,241 crore in Q3FY24, from Rs 796 crores in Q3FY23.

The company claims to have achieved highest-ever customer collections from the real estate business, which increased to Rs 941 crore in Q3FY24 compared to Rs 621 crores in Q3FY23, up by 52 per cent year-on-year (YoY).

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Puravankara’s sales value zoomed 89 per cent to Rs 3,967 crores in the first nine months of financial year 2023 (9MFY24). Its customer collection rose 57 per cent to Rs 2,515 crore in 9MFY24, from Rs 1,597 crore in 9MFY23.

The average price realisation decreased 2 per cent to Rs 7,610 per square feet during Q3FY24 from Rs 7,767 per square feet in Q3FY23. 

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Ashish Puravankara, Managing Director, Puravankara Limited said, “The first nine months of FY24 has seen exceptional pre-sales, marking a strong growth of 89 per cent Y-o-Y. Achieving our highest-ever collection of Rs 2,515 crores for 9MFY24 and Rs 941 crores for Q3FY24 is a testament to our significant progress in construction while affirming our commitment to excellence in quality.”

Image Credits: Puravankara

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Puravankara further said that the successful launch of two new projects and a promising pipeline of upcoming launches shows our confidence in sustaining this positive momentum. 

“Our focus on efficiency and prompt execution has contributed to these impressive pre-sales and collection numbers,” Puravankara added.

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The stock zoomed nearly 165 per cent in 2023. As of 10:33 am, shares of the company were trading 6.38 per cent higher at Rs 235.20 per share.

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Published January 10th, 2024 at 10:42 IST

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