Puravankara's Q1 sales booking down 19% at Rs 398 cr due to lockdown
According to an investors' presentation, Puravankara sold 536 properties in the first quarter of 2020-21 financial year as against 638 units in the year-ago period. Sales booking in value terms dropped to Rs 398 crore from Rs 493 crore, while in volume terms it dipped to 0.69 million sq ft in the period under review from 0.79 million sq ft.PTI | New Delhi | Updated: 13-09-2020 12:14 IST | Created: 13-09-2020 12:14 IST
Realty firm Puravankara's sales booking fell 19 per cent during April-June to Rs 398 crore due to the nationwide lockdown to control the COVID-19 pandemic. According to an investors' presentation, Puravankara sold 536 properties in the first quarter of 2020-21 financial year as against 638 units in the year-ago period.
Sales booking in value terms dropped to Rs 398 crore from Rs 493 crore, while in volume terms it dipped to 0.69 million sq ft in the period under review from 0.79 million sq ft. The sales realisation decreased to Rs 5,767 per sq ft in April-June of this financial year from Rs 6,239 per sq ft in the same quarter of last fiscal year. "Owing to the nationwide lockdown, sales in existing projects were impacted. However, enquiries are now returning to pre COVID-19 levels," the presentation said. Puravankara has plans to launch eight projects, including new phases in existing projects, comprising 9.43 million sq ft of developable area and 5.49 million sq ft of saleable area.
It has completed 40.92 million sq ft area so far and is constructing 23.77 million sq ft area across various projects. The company's debt reduced marginally to Rs 2,521 crore as on June 30 from Rs 2,536 crore at the end of last fiscal year, the presentation said. Last week, Puravankara reported a net loss of Rs 16.93 crore for the quarter ended June. Its net profit stood at Rs 44 crore in the year- ago period. Total income declined to Rs 190.53 crore in the first quarter of this fiscal from Rs 645.55 crore in the corresponding period of the previous year.
Housing sales are likely to be impacted this year due to coronavirus, even as experts believe demand will recover during the festive season. Already, the sales have declined 52 per cent to 88,593 units across eight cities during January-June period of 2020, according to data from housing brokerage firm PropTiger. Property consultant Anarock has reported 61 per cent fall in housing sales across six major cities at 55,270 units during the first half of this year. Housing sales in eight major cities of the country declined 54 per cent during January-June to 59,538 units, according to property consultant Knight Frank.