This Small-Cap Real Estate Stock Tanked 12% in Afternoon Session

By Malvika Gurung

Investing.com — Shares of the real estate developers Puravankara Projects (NS:) tanked 11.9% to Rs 106.7 at 2:20 pm on Monday, led by a poor performance by the company in the Oct-Dec 2021 quarter, following the Q3 report, even though the company posted an uptick in sales booking for the three months.

Puravankara sold 690 units in Q3 FY22, compared to 661 units sold in the year-ago period, with its sales booking advancing 17% YoY to Rs 666 crore in the quarter, backed by higher volumes and per square feet price realization.

While the company’s sales bookings for the Oct-Dec period were higher on a YoY basis, its sales bookings in volume sank 4% YoY in the period to 2.32 million square feet, from 2.42 million square feet, while the volume of units sold also fell 11% YoY to 1,616 in the nine months from Apr-Dec 2021.

According to a PTI report, the company’s management stated that its general economic development and market consolidation led to strong sales performance, and the company expects to deliver the same in future too.