Commenting on the company’s performance, Mr. Ashish R Puravankara, Managing Director, Puravankara Limited, said, “FY19 ends on a positive note for us as we continue our momentum and stay on the path of gaining market share, and hence strong and sustainable growth.
This fiscal year witnessed an increase in sales of almost 25% YoY with total sales booking of 3429 units, which equates to more than 1.5 homes for every working hour of the year. With a strong focus on growth, Puravankara has seen its sales grow at almost 30% compounded annual growth rate over the last 4 years, indicating the strength of our product, distribution abilities and customer centricity. This is proof of the strong latent demand for the right product at the right price, which we have leveraged with our domain expertise and strategy.
In a little over a decade since the inception of Provident, our premium affordable housing brand, the growth has been fueled by the robust performance of value-for-money housing, both in terms of units sold and realization. These ten years have been a steep learning curve, and today we are forerunners in the premium affordable home business with deep insights into customer delight. In line with market trends, Provident, which contributed 58% of sales by value in FY19, will be the accelerator for our business and give it the ability to replicate year on year growth.
We reiterate our excitement for a blockbuster FY20 with over 8 MSFT of new launches being rolled out. We begin the new year on a strong foothold with our re-entry into Mumbai and further expansion in the gateway cities of south and west India.”
Operational Highlights for Q4FY19 and FY19
In Q4FY19 the group sold almost 13 units daily or 1.23 Msft., with sales booking valued at INR 726 crores against 0.63 MSFT valued at Rs 369 crores in Q3FY19.
In FY19 the Group sold 3,429 units or 3.56 MSFT and witnessed a total booking value of INR 2,098 crores, as compared to 2,781 units or 3.25 MSFT for total sales booking value of INR 1,881 crores in FY18.
Sales of ready-to-move-in inventory grew to 31% of total sales in Q4FY19 – the quarter witnessed a sale booking value of INR 227 crores of ready-to-move-in inventory, and booking volume of 366 units, as compared to a sale booking value of INR 115 crores and booking volume of 185 units in Q4FY18 for ready-to-move-in inventory, up 97% YoY.