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Puravankara shares rise after highest ever sales volume in Q3

Puravankara shares rise after highest ever sales volume in Q3

Puravankara shares rise after highest ever sales volume in Q3
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By CNBCTV18.com Jan 23, 2023 5:08:51 PM IST (Updated)

Puravankara recorded sales value of Rs 796 crore, up by 20 percent compared to Rs 666 crore in the year-ago quarter.

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Puravankara Ltd. on Monday jumped over 4 percent after the Bengaluru-based real estate developer announced that it has recorded its highest-ever sales for both the December quarter and the nine-month period of any financial year since inception.

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In an operational update, the company informed exchanges that it achieved a consolidated sales value of Rs 2,100 crore for the nine-month period that ended in December 2022, which is 33 percent higher compared to Rs 1,576 crore seen in the year-ago period.


For the December quarter, Puravankara recorded a sales value of Rs 796 crore, up by 20 percent compared to Rs 666 crore in the year-ago quarter.

The real estate firm said that the jump in sales was helped by a consistent increase in average price realisation that stood at Rs 7,767 per square foot during the December quarter, up 15 percent from the year-ago period.

Puravankara also pointed out that the increase in sales was accompanied by a jump in customer collections from the real estate business that rose 80 percent to Rs 621 crore from Rs 344 crore in the year-ago quarter.

Last month, in an interaction with CNBC-TV18, Puravankara reiterated its intent to expand its presence in the western markets by focusing on more projects in Maharashtra’s Mumbai and Pune.

Shares of Puravankara ended 2.64 percent higher at Rs 91.20 on Monday.
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