Puravankara's Total Consolidated Revenue for Q2FY20 at INR 624 Crore
Commenting on the company’s performance, Ashish R Puravankara, Managing Director, Puravankara Limited, said, “The current exigencies have exerted pressures on the business environment of the real estate sector. But this quarter too we have kept our momentum of robust sales and cash flow.
At the end of H1 of FY20, the sales of ready-to-move-in inventory have almost doubled YoY, proving that our lasered focus on this segment is reaping benefits. The trend that started a few quarters ago, where there was a shift of customer preference from under construction projects to ready-to-move-in inventories continue to increase every quarter.
Q2FY20 has seen positive operating cash flows, up by 45% YoY, and we have reduced our debt by INR 95 crores during the half year ended September, 2019.
This quarter too, our focal points remain to develop unique and high-quality products, strengthen our execution capabilities and provide excellent customer experience. ‘Customer centricity’ has and will remain ingrained in our DNA, and product offerings in both Puravankara and Provident will continuously innovate to bring customer delight.
With strong cashflows and reduced debt we are gearing for new launches especially in the Western regions; we look forward to the coming quarters with vitality and enthusiasm”
Operational Highlights for Q2FY20 & H1FY20. The group sold 617 units during the quarter and 1,255 units during the first half of FY20. We are pleased to say that more than half of the sales came from ready-to-move-in inventory, which has doubled from the corresponding periods last year. We intend to keep this momentum of ready-to-move inventory sales at high levels. Brand Puravankara’s Ready-to-move-in inventory sales has doubled during the quarter and first half of the year with a total booking value of INR 178 crores during the quarter, up 110% YoY and INR 358 crores during H1FY20, up 142% YoY.
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