EBITDA up by 56% PAT up by 331% and Q2FY17 Revenues at INR 382Crores

New Delhi, December 10, 2016: Ashish R Puravankara, Managing Director, Puravonkara Projects, said, “We have reported a strong quarter despite the sluggish real estate market and disruptive macro environment with area sold at O.47 msft. We welcome the Government’s demonetization move even though this will likely affect the real estate sector through a stretched recovery of demand. In the long run, this moves bodes very well for the sector, economic recovery and transparency.”

Key Performance Highlights

· Profit after Tax (PAT) up by 331%

· Revenues at INR 382 crores; up by 23% Q-o-Q

· EBITDA at INR 125 crores; up by 56% Q-o-Q

· Sold 4,70,000 sft in Q2 FY17

· Delivered 0.40 msft in Q2 FY17

· Out of the projects under development totaling 21.72 msft and 17.65 msft of Puravankara’s share of the developable area, the company has sold 53% of its share

· Commenced pre-launch of Kochi – Marine Drive Project

· The net D/E stands at 0.93x; cost of debt at 11.77% declined from 12.39%

Consolidated Financial Performance (As per IND-AS) for the quarter ended 30^thSeptember, 2016

Revenues increased by 23% and stood INR 382 crores as against INR 312 crores for the quarter ended June30, 2016.

EBITDA expanded by 56% to INR 125 crores as against INR 80 crores for the quarter ended June 30, 2016

EBITDA Margin stands at 33% for the quarter ended 30 September, 2016 as against 26%for the quarter ended June 30, 2016

Profir before Tax (PBT) expanded by 336% to INR 58 crores for the quarter ended September 30, 2016

Profit after Tax (PAT) expanded by 331% to INR 43 crores for the quarter ended September 30, 2016

Consolidated Financial Performance (As per IND-AS) for the half year ended 30^thSeptember, 2016

For the half year ended September 30, 2016 revenues stood at INR 693 crores

EBITDA stood at INR 205 crores for the half year ended September 30, 2016 as againstINR 208 crores for the corresponding half year

EBITDA Margin stands at 30% for the half year ended September 30, 2016 up from 24%for the corresponding half year

Profit before Tax (PBT) stood at INR 71 crores for the half year ended September 30, 2016 as against INR 87 crores for the corresponding half year

Profit after Tax (PAT) stood at INR 54 crores, as against INR 57 crores for the corresponding half year

Cash Flows

Collections for the quarter ended September 30, 2016 , stood at INR 300 crores.

Consolidated construction spends for the quarter ended September 30, 2016 stood atINR 139 crores

The balance collections from sold units stands at INR 1,152 crores and the balance cost to go on launched projects stands at INR 1,303 crores. This leaves a marginal deficit of INR 151 crores which will be met through sales in the coming quarters.

Business Performance

For the quarter ended September 30, 2016, the sales realization of ongoing projects for Puravankara and Provident stood at INR 6,625 psft and INR 4,636 psft, respectively.

Sales for quarter ended September 30, 2016 (ready-to-move-in and ongoing) stood at470,000 sft (INR 261 crores), which is an increase of 20% in value on a year-on-year basis.

Sales from ready-to-move-in inventory stood at 210,000 sft (INR 97 crores) for the quarter ended September 30, 2016. This is a 9% increase on area sold and 48%increase in value on a year-on-year basis.

Sales from ongoing, including new launches, stood at 260,000 sft (INR 164 crores),for the quarter ended September 30, 2016 which is an 8% increase in value on a year-on-year basis.

Projects under development as of September 30, 2016, stood at 21.72 msft.

Revenues for the quarter ended September 30, 2016 includes INR 151 crores towards to Kochi-Marine Drive Project

Debt

Net debt to equity stands at 0.93x and the weighted average cost of debt reduce to 11.77% as against 12.39% for the quarter ended September 30, 2015

Corporate Comm India(CCI Newswire)