Summary:
Bengaluru, Karnataka, India – Business Wire India Puravankara Limited announced its results for the first quarter of FY23.
• Recorded highest ever first quarter sales of INR 513 crores from ongoing projects, area sold stood at 0.69 msft • Profit After Tax for Q1FY23 at INR 35 Crore up 258% qoq • Operating inflows stood at INR 667 Cr up 16% qoq Commenting on the company’s performance, Ashish R Puravankara, Managing Director, Puravankara Limited, said, “We believe India’s real estate will continue to witness sustained growth momentum, which will be fueled by favorable market forces, government measures, and positive customer sentiment.
We are delighted that the new financial year has begun on a positive note, with the Company achieving its highest ever sales in the first quarter of any financial year.
And this is remarkable as it has been achieved in an inflationary environment and without any new launches.
Despite the challenging environment, we see positive customer sentiments, improved affordability, and heightened aspiration to have good quality homes.
We expect to ride on this wave of robust sales, strong demand in the sector, and a stable economy.
We are upbeat about our new launches, and we will continue to focus on scaling our operations while maintaining a healthy balance sheet.