Commenting on the company’s performance, Mr. Ashish R Puravankara, Managing Director, Puravankara Limited, said, “FY19 ends on a positive note for us as we continue our momentum and stay on the path of gaining market share, and hence strong and sustainable growth.

This fiscal year witnessed an increase in sales of almost 25% YoY with total sales booking of 3429 units, which equates to more than 1.5 homes for every working hour of the year. With a strong focus on growth, Puravankara has seen its sales grow at almost 30% compounded annual growth rate over the last 4 year Rs, indicating the strength of our product, distribution abilities and customer centricity. This is a proof of the strong latent demand for the right product at the right price, which we have leveraged with our domain expertise and strategy.

In a little over a decade since the inception of Provident, our premium affordable housing brand, the growth has been fueled by the robust performance of value-for-money housing, both in terms of units sold and realization. These ten year Rs have been a steep learning curve, and today we are forerunner Rs in the premium affordable home business with deep insights into customer delight. In line with market trends, Provident, which contributed 58% of sales by value in FY19, will be the accelerator for our business, and give it the ability to replicate year on year growth.

We reiterate our excitement for a blockbuster FY20 with over 8 Msft of new launches being rolled out. We begin the new year on a strong foothold with our re-entry into Mumbai and further expansion in the gateway cities of south and west India.”                 

   Operational Highlights for Q4FY19 and FY19.

Sales Highlights

Mar-19

Dec-18

Growth QoQ

FY19

FY18

Growth YoY

Sale Booking Unit (nos)

1148

528

117%

3429

2781

23%

Sale Booking Value (Rs Cr)

726

369

96%

2,098

1,881

12%

In Q4FY19 the group sold almost 13 units daily or 1.23 Msft., with sales booking valued at Rs 726 crores against 0.63 Msft valued at Rs 369 crores in Q3FY19.

In FY19 the Group sold 3,429 units or 3.56 Msft and witnessed a total booking value of Rs 2,098 crores, as compared to 2,781 units or 3.25 Msft for total sales booking value of Rs 1,881 crores in FY18.

Sales of ready-to-move-in inventory grew to 31% of total sales in Q4FY19 – the quarter witnessed a sale booking value of Rs 227 crores of ready-to-move in inventory, and booking volume of 366 units, as compared to a sale booking value of Rs 115 crores and booking volume of 185 units in Q4FY18 for ready-to-move in inventory, up 97% YoY.

Consolidated Financial Performance (As per IND-AS 115) for the quarter ended 31st March 2019

  • Revenues at Rs 667 crores; up 106% YoY
  • EBITDA at Rs 156 crores, up 63% YoY
  • Profit before Tax (PBT) at Rs 63 crores, up 126% YoY
  • Profit after Tax (PAT) at Rs 39 crores; up 58% YoY

Consolidated Financial Performance (As per IND-AS 115) for the FY19 year ended 31st March 2019

  • Revenues at Rs 2,127 crores; up 41% YoY
  • EBITDA at Rs 517 crores, up 30% YoY
  • Profit before Tax (PBT) at Rs 173 crores, up 32% YoY
  • Profit after Tax (PAT) at Rs 114 crores; up 25% YoY

The Board Recommends a Dividend of 25% of PAT (including DDT)

Cash Flows

Collections for the quarter ended March 31, 2019, were Rs 467 crores; up 35% YoY.

The balance collections from sold units in all launched projects stands at Rs 1,971 crores as of March 31, 2019 as against the balance cost to go of Rs 2,233 crores of these projects. Combined with the unsold receivables from launched projects of Rs 4,582 crores, the projected operating surplus of Rs 4,320 crores on the launched portfolio compares favourably against the current outstanding net debt of Rs 2,921 crores as on March 31, 2019.

Debt

Debt- Equity Ratio of 1.46

The weighted average cost of debt as of March 31, 2019 is 11.40 %

Awards and Accolades

The Puravankara Group received several awards during the quarter, reflecting its leadeRship position in the industry. Among the noteworthy ones,

  • Puravankara Limited – The “People’s Choice Winner” at the CNBC-AWAAZ Real Estate Awards 2018-19 – SOUTH ZONE
  • Puravankara Limited – Hurun Real Estate LeadeRship Summit for the Most Respected Residential Developer – South India – Mr. Ashish Puravankara
  • Puravankara Limited – ET NOW Presents Dream Companies to Work For
  • Provident Sunworth CIA WORLD Construction & Infra Awards for the Best Township Project.
  • The Tree By ProvidentCIA WORLD Construction & Infra Awards for the Best Residential Project of the Year.

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