Puravankara Ltd. on Monday jumped over 4 percent after the Bengaluru-based real estate developer announced that it has recorded its highest-ever sales for both the December quarter and the nine-month period of any financial year since inception.

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In an operational update, the company informed exchanges that it achieved a consolidated sales value of Rs 2,100 crore for the nine-month period that ended in December 2022, which is 33 percent higher compared to Rs 1,576 crore seen in the year-ago period.

For the December quarter, Puravankara recorded a sales value of Rs 796 crore, up by 20 percent compared to Rs 666 crore in the year-ago quarter.

The real estate firm said that the jump in sales was helped by a consistent increase in average price realisation that stood at Rs 7,767 per square foot during the December quarter, up 15 percent from the year-ago period.

Puravankara also pointed out that the increase in sales was accompanied by a jump in customer collections from the real estate business that rose 80 percent to Rs 621 crore from Rs 344 crore in the year-ago quarter.

Last month, in an interaction with CNBC-TV18, Puravankara reiterated its intent to expand its presence in the western markets by focusing on more projects in Maharashtra’s Mumbai and Pune.

Puravankara’s CEO Abhishek Kapoor told CNBC-TV18 that over the next two to three years his company wants 30-35 percent of the sales to come from the western markets.

Shares of Puravankara ended 2.64 percent higher at Rs 91.20 on Monday.

(Edited by : Rukmani Krishna)

First Published:Jan 23, 2023 4:01 PM IST