Puravankara Q1 profit jumps 116%

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For the quarter ended June 30, 2017, Puravankara Group profit surged by 116% to Rs. 17 crore net profit as compared to Rs. 8 crore for the earlier quarter.

The revenue was at Rs. 347 crores as compared to Rs 312 crores for the quarter ended June 30, 2016, up 11% YoY, While EBITDA surged by 16% to Rs. 87 crores and EBITDA Margin stands at 25% for the quarter ended 30 June 2017.

Cash Flows
Collections for the quarter ended June 30, 2017, stood at Rs. 281 crores. The company generated an operating surplus of Rs. 100 Crores for the quarter.

The balance collections from sold units in launched projects stands at Rs. 1,163 crores as of June 30, 2017.

The company delivered projects of 3.32 msft in the quarter ended June 30, 2017 compared to 3.49 msft in the full year-ended March 31, 2017, while Sales were stood at 575,000 sft (Rs. 298 crores), including 76,000 sft from projects launched in Q1 FY17 (Rs. 45 crores).

The Sales from ready-to-move-in and nearing completion inventory for the quarter ended June 30, 2017, stood at 250,000 sft (INR 119 crores), with a direct contribution to operating cash flows. Sales from ongoing projects, for the quarter ended June 30, 2017 stood at 327,000 sft (Rs. 179 crores).

Projects at various stages of development, as of June 30, 2017, stood at 21.64 msft.

The Net debt stands at Rs. 1,997 crores as of June 30,2017, while Net debt to equity stands at 0.83x as of June 30, 2017 vs. 0.94x as of June 30, 2016.

Ashish R Puravankara, Managing Director, Puravankara Limited, said, “Q1 results began with a good note on continued sales momentum especially on our ready and near- ready products, higher margins, improved profitability and a stronger balance sheet. This quarter’s performance must be seen in the context of the impact of GST, RERA and a weak demand environment. Despite challenges, our results were better in this quarter. Our focus will be on prudent capital allocation and speedy execution, as well as scaling brand Provident, as affordable housing is driving demand in terms of home sizes and ticket sizes. The Group continues to de-risk its business geographically with a growing presence in West India and Hyderabad.”