Puravankara Limited, a Bengaluru-based real estate company, reported a widened loss of ₹17.06 crore in Q2FY25, a more than 50 per cent increase from ₹11.22 crore loss in the same period last year. Sequentially, the company swung from a profit of ₹14.78 crore in Q1FY25 to a loss in the second quarter.
The consolidated revenue stood at ₹520 crore, with a 36 per cent increase. Net debt was ₹2,430 crore in September, up from ₹2,237 crore in June 2024, with a net debt-to-equity ratio of 1.29 for Q2 FY25. The weighted average cost of debt was 11.62 percent as of September 30, 2024, while the EBITDA margin stood at 28 percent.
For H1FY25, total revenue from projects stood at ₹1,195 crores, up by 67 per cent from ₹717 crores in H1 FY24.
Commenting on the company’s performance, Ashish Puravankara, Managing Director, Puravankara Limited, said, “The company has made sizeable investments of ₹945 crore in land acquisition, with a potential GDV of ₹9,700 crore from 5.8 msft of new acquisitions. Operational efficiencies are visible through our increased customer collections amounting to ₹1,999 crore for H1FY25, an increase of 27 percent YoY. In the coming two quarters, the company is focused on new launches amounting to around 12.27 msft with a potential GDV of around ₹13,625 crore and project deliveries for the remaining two quarters.”
The shares of the real estate major closed at ₹418.55 on 8 November, down by 4.99 percent on the BSE.