Bengaluru-based realty firm Puravankara Ltd Friday reported a 1,213 percent year-on-year (YoY) jump in net profit at Rs 21.29 crore for the third quarter that ended December 31, 2022. In the corresponding quarter last year, the company posted a net profit of Rs 1.65 crore.

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Total income stood at Rs 410 crore during the period under review, up 67 percent against Rs 245.71 crore in the corresponding period of the preceding fiscal.

The company in an exchange filing said it has recorded the highest-ever sale value of Rs 796 crore for the third quarter of any financial year since inception.

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The overall net debt was reduced by Rs 109 crore, from Rs 2,144 core (as of Q2FY23) through operations, while debt increased by Rs 100 crore (in Q3FY23) owing to land acquisition resulting in overall net debt of Rs 2,135 crore.

While the repo rate increased over a 12-month period by 225 bps, the cost of debt for the group has increased by only 67 bps. The weighted average cost of debt stood at 11.18 percent as of December 31, 2022. The net debt-to-equity ratio stood at 1.09 for the third quarter.

Ashish Puravankara, managing director of Puravankara, said the company recorded the highest-ever sales booking of Rs 2,100 crore in the first nine months of the financial year.

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On Puravankara’s future plans, he said the company will continue to work towards expanding market share, and is excited to announce that in the third quarter, the group has achieved increased revenue from projects by 77 percent, increased collection from operations by 87 percent from construction and delivery against the similar quarter in the previous year.

Puravankara added, "This is supported by increased sales and new launches of over 4.11 million square feet in the third quarter with the last quarter of the current financial year adding another 2.17 million square feet. Our per square feet of debt on under-construction area has reduced by 49 percent from Rs 2,524 to Rs 1,291 over the last four years."

(Edited by : Pradeep John)