Puravankara sees flat QoQ sales growth in October-December

Puravankara sees flat QoQ sales growth in October-December

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Bengaluru-based Puravankara Ltd’s pre-sales in the December quarter at ₹796 crore remained at almost the same level as in the September quarter, according to an exchange filing by the company on Monday.

In terms of area sold there was not much difference with 10.2 lakh square feet being sold in the quarter under review, compared to 10.8 lakh square feet quarter ago.

Housing demand is facing some resistance in recent months due to higher cost of ownership, that is a result of the rise in home loan rates as well as the uptrend in residential prices over the last one year.

The average price realisation for Puravankara in the quarter was ₹7,767 per square feet, a slight uptick from the ₹7,421 rupees per square feet seen in July-September.

Compared to the year ago the company saw its bookings value rise 20 per cent on the year while in terms of area, it was a more modest 3 per cent on the year. Average price realisation was up 15 per cent on year.

Its collections rose 80 per cent on year to ₹621 crore. The cash inflows would help the company drive new business development necessary to keep to its launch target of 15 million square feet in the current fiscal year.

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