Stock Of The Day: Puravankara Sales Value Nearly Doubles In FY24 — Key Levels
'With successful new launches and an optimistic outlook for upcoming projects, we are now focused on replenishing our inventory with new land acquisitions,' said Managing Director Ashish Puravankara.
Puravankara Ltd.'s sales value nearly doubled in the fourth quarter and full year ended March 2023.
Additionally, the company also achieved its highest-ever annual customer collections from the real estate business, which jumped 60% year-on-year to Rs 3,609 crore in FY24, according to an exchange filing.
The company launched eight new projects with a total developable area measuring 10.76 million square feet and a saleable area of 9.47 million square feet in the financial year 2023-2024, the filing said.
"With successful new launches and an optimistic outlook for upcoming projects, we are now focused on replenishing our inventory with new land acquisitions," said Managing Director Ashish Puravankara in the press release.
Key Levels To Watch
Support Levels - Rs 175.4 (Three weeks low)
Resistance Levels - Rs 268.9 (Three months high)
Business Update: FY24
The real estate firm's sales value jumped 90% to Rs 5,914 crore in the full year ended March 2023, compared with Rs 3,107 crore a year ago.
Average price realisation increased by 2% to Rs 7,916 per square feet during FY24 from Rs 7,768 per square feet in FY23. This is attributed to an inventory mix between Purva, Provident Housing and Purva Land brands, the company said in an exchange filing.
Business Update: Q4FY24
The company recorded its highest-ever quarterly sales value of Rs 1,947 crore for Q4 FY24, surging 93% from a year ago.
However, average price realisation remained relatively unchanged at Rs 8,320 per square feet, compared with Rs 8,321 per square feet, same quarter a year ago.
Shares of the company surged 8.05% to Rs 238.95 apiece as of 10:18 a.m., compared with a 0.18% decline in the benchmark BSE Sensex.
That may be partially due to the Reserve Bank of India's decision to keep its key lending rate -- the repo rate -- unchanged at the just concluded two-day monetary policy meeting, as focus remained on the 'withdrawal of accommodation' to ensure that inflation progressively aligns with the target, while supporting growth with a majority of 5:1.
The lone analyst tracking the company has a 'buy' call on the stock, according to Bloomberg. The stock has given a 261.2% return in the last 12 months.
