Puravankara shares surge over 11% after double-digit growth in Q3 sales value, collections

Shares of real estate developer Purvankara Ltd. gained as much as 11% on Wednesday, January 14, after the company reported its business update for the third quarter.

The company's collections in the December quarter increased by 22% from last year to ₹1,140 crore. On a sequential basis, the collections increased by 9% for the company. 

Puravankara sold apartments worth ₹1,414 crore during the quarter, which is a 17% growth from the same quarter last year and 7% from the September quarter.

Sales area increased by 4% year-on-year but declined sequentially to 1.49 million square feet, while average realisations were up 12% from the year-ago period to ₹9,500 per square feet.

The company handed over 1.23 million square feet during the quarter, delivering 1,116 homes, taking the total figure for the first nine months of the year to 2.58 million square feet for 2,446 homes.

For the first nine months of the year, Puravankara has added over 12.76 million square feet of potential developable area, with an estimated gross development value (GDV) of ₹13,900 crore.

"These include marquee acquisitions across Bengaluru and Mumbai, such as a 53.5-acre land parcel in Anekal Taluk, Bengaluru; large-scale partnerships in North and East Bengaluru; and redevelopment projects at Malabar Hill and Chembur," the company said.

On Tuesday, the company's wholly-owned subsidiary Starworth Infrastructure and Construction Ltd. received a letter of intent for a large

residential project in Bengaluru worth ₹311.18 crore.

Sattva Resi Pvt. Ltd. awarded the order for the construction of the residential project Sattva AANGANE, which has an approximate built-up area of 3.04 million square feet. It is expected to be executed over a 37-month period.

Puravankara shares gained over 11% to hit an intraday high of ₹256.78 apiece. The stock has snapped a five-day losing streak on Wednesday. The stock has declined 25.2% in the past year.

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