Puravankara shares hit lower circuit of 5% after firm posts Q4 net loss at ₹6.71 crore

Shares of Puravankara hit their lower circuit on Friday, having declined 5% after the firm reported a net loss of ₹6.71 crore in the fourth quarter of fiscal year 2024 as compared to a net profit of ₹26.75 crore.

Total income from operations rose 112% year-on-year (YoY) to ₹946.84 crore during the quarter. The firm stated that Sales rose 93% YoY to ₹1,947 crore during the quarter while sales volume stood at 2.35 million square feet (msft), up 94% YoY with a collection of ₹1,094 crore.

For the fiscal year 2024, the firm reported a 37% decline in its net profit at ₹42 crore. Total income from operations rose 58% YoY to ₹2,260 crore. The firm’s sales stood at ₹5,914 crore, registering a 90% Y-o-Y increase while sales volume increased by 84% to 7.36 msft with ₹3,609 crore in collections.

Ashish Puravankara, managing director at Puravankara said the company launched 12 projects with a saleable area of 9.47 million square feet. “As of date, we have successfully secured redevelopment rights and have been appointed as the preferred developer for three redevelopment projects in Mumbai with a potential gross development value of ₹3,600 crore and are in advance discussions for more projects,” he said.

Puravankara also announced it has returned the investments of IFC and ASK amounting to ₹410 crore. “In line with our growth plans, to replenish our land bank, we have deployed ₹300 crore of land advances from internal accruals and debt, showcasing our successful generation of project surpluses and deployment thereof,” he said.

The company said it will continue strengthening its presence in the southern markets and increase investments in new geographies, including the western and northern regions.

Shares of the company have gained over 126% in the last one year. The stock has risen over 417% in the last one year.