The company’s revenue declined by 43% to Rs 334 crore due to higher expenses, which were booked under the P&L as per Ind AS 115 accounting standards and lower handovers which further impacted revenue recognition.
However customer collections increased by 6% year-on-year to ₹993 crore in Q3 FY25, while average price realization rose by 16%, with a 29% increase for Purva and 7% for Provident during the period.
For the nine-month period, revenue from projects grew 16% to ₹1,529 crore for FY2025. Sales volume for the period reached 4.24 million square feet, with a sales value of ₹3,724 crore, while operating cash inflows rose 14% year-on-year to ₹3,209 crore.
The company has continued its aggressive expansion in Mumbai, acquiring projects in Lokhandwala, Pali Hill, Breach Candy, and Thane, adding a potential gross development value (GDV) of over ₹9,000 crore.
“In addition, owing to the highest-ever sustenance sales, the company has incurred sales and marketing expenses, which have to be booked to P&L, as per Ind AS 115 accounting standards. Occupancy certificates (OCs) and handover for four projects, with a total saleable area of 3.95 msftwith a total value of Rs 3,200+ crores, were expected in Q3FY25 and Q4FY25, which are now expected in Q4FY25 and Q1FY26. This has been on account of procedural delays, like the new e-khata policy, resulting in low handovers,” the company said.“We have recorded a 16% increase in total revenue from projects in 9MFY25, and customer collections have increased by 19%. The growth in collections is a clear reflection of our strong operational efficiency and business performance. We expect Occupancy Certificates (OCs) and completion for four projects with a total saleable area of 3.95 million sq ft during Q4FY25/Q1FY26 with a total value of Rs 3,200+ crore,” said Ashish Puravankara, Managing Director, Puravankara Limited.According to the company, despite the reported loss of ₹99 crore for 9M FY2025 under Ind AS 115, Puravankara’s profit before tax remained positive under the Percentage of Completion (PoC) method, indicating eventual profitability as projects progress. The company generated an operating cash surplus of ₹752 crore in 9MFY25 and invested ₹1,236 crore in land acquisition, adding over 7 million square feet of saleable area with a GDV potential of ₹12,000 crore.
In Q3 FY2025, the company sold 1.43 million square feet, generating a sales value of ₹1,265 crore, with an average realization of ₹8,847 per square foot. For the nine-month period, total sales stood at 4.24 million square feet, with a sales value of ₹3,724 crore and an average realization of ₹8,783 per square foot.
The company’s net debt stood at ₹2,824 crore, with a net debt-to-equity ratio of 1.58, while the weighted average cost of debt was 11.73% as of December 31, 2024.
With a total land bank of approximately 29 million square feet and ongoing projects totaling 34 million square feet, Puravankara remains well-positioned for sustained growth. The company’s diverse residential portfolio—including Purva, Provident Housing, and Purva Land—along with its expanding commercial footprint, ensures it is set to capitalize on emerging market opportunities.
The Indian real estate sector continues to witness strong demand, with 71 million square feet of office leasing in CY2024. Government initiatives, including income tax rationalization and repo rate cuts, are expected to boost disposable income and drive housing demand, particularly in the affordable and mid-segment categories.
