Commenting on the company’s performance, Ashish R Puravankara, Managing Director, Puravankara Limited, said, “Despite the ongoing challenges, the real estate sector has bounced back strongly on the back of India’s economic revival. The residential market has witnessed a sharp recovery in sales momentum and the trend has continued even in Q4FY22. There has been a good amount of pent-up demand generated over the past 2 years, which is now unlocking. This is supported by lower interest rates, rising income, affordable prices, and renewed buyer confidence.”
He added, “We are happy to close the financial year with our best ever annual sales of INR 2407 crores and operating inflow of INR 2231 crores. There has been significant traction in under construction projects where sales grew by 51% on year on year basis. And with the new launches planned in the coming quarters, we are in a good position to leverage the growth momentum. We are confident and positive as we work towards achieving sustained growth going forward.”
Furthermore, he said, “Our first ESG report 2021 based on Global Reporting Initiative (GRI) framework offers a comprehensive layout of our sustainability commitments, showcases impact and progress, and highlights our people-centric initiatives. This has enabled us to identify the core ESG areas – climate protection and water, human rights and health & safety, diversity & inclusion, ethics & integrity and customer engagement. Our ESG report underscores our commitment towards protecting our planet and empowering people within and beyond our organization. While we celebrate the milestones we have achieved so far, we also recognize that we can always do better and will continue to do so.”
The Board of Directors has recommended a final dividend of Rs 5/- per equity share (100%) of Rs 5 each for the financial year 2021-22
Operational Highlights for FY22
- Area sold stood at 3.52 msft up by 3%
- Sales value stood at INR 2,407 crore up by 9%
- Sale realization stood at INR 6,834 up by 6%
- Significant traction in under construction project – sales grew by 51% YoY
- Highest ever operating inflows – INR 2231 Crore
Consolidated Financial Performance (As per IND-AS 115) for the year ended 31st March 2022
- Consolidated Revenues stood at 1,381 crores up by 31%
- EBITDA stood at INR 638 crores up by 69% with margins of 46%
- Profit before Tax (PBT) stood at INR 286 crores compared to Loss before tax of INR 2 Cr last year
- Profit After Tax (PAT) stood at INR 146 crores compared to a loss of INR 5 crores last year
As on 31st March 2022, the balance collections from sold units in all launched projects stood at INR 2,528 crores. The balance cost to be incurred stood at INR 3,110 crores. Combined with the unsold receivables from launched projects of INR 4,674 crores, the projected operating surplus of INR 4,092 crores on the launched portfolio compares favourably against the current outstanding net debt of INR 1846 crores.
Our net debt came down from INR 2,299 crores last year; down by 20%. Net debt to equity ratio improved significantly from 1.20 a year before to 0.90. Overall cost of funds came down from 11.95% to 10.56%.
ICRA has upgraded the long-term rating to “A-” Stable from “BBB+” positive.