Prestige Estates Projects has reported a growth of 1.86 per cent in its net consolidated profit during the quarter ended December 31, 2023. Its profit after tax stood at Rs 164.70 crore in Q3 FY24 as against Rs 161.70 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.The company’s net consolidated total income stood at Rs 1,970.50 crore in Q3 FY24, a dip of 16.06 per cent from Rs 2,347.50 crore it recorded in the similar quarter last year.
Irfan Razack, chairman and managing director of the company said, “Building on the momentum of delivering 12.23 million sq ft during 9M FY24, we have already completed 12+ million sq ft in Q4 FY24. Our total completions have crossed 300 projects spanning 188+ million sq ft. The past nine months we achieved a sales performance totalling over Rs 16,300+ crore. Additionally, our collections have surged to over Rs 8,400+ crore.”
During the nine months ended 31 December 2023, the group has acquired 51% shares in Dashanya Tech Parkz. Pursuant to this acquisition, it holds 50% stake in Dashanya Tech Parkz. It has invested in Prestige Vaishnaoi Realty Ventures (formerly known as Sarveshvari Constructions) by way of capital contribution and has been admitted as partner in the Firm with 50% ownership and economic rights. Prestige Falcon Realty Ventures, the wholly owned subsidiary of the company, has retired from Lokhandwala DB Realty LLP.
Prestige Acres, a subsidiary of the company has entered into the LLP as a partner with 50% ownership and economic rights. The group has acquired 48.07% shares in Techzone Technologies.
Debt equity ratio on December 31, 2023 was at 0.60; total consolidated net debt stood at Rs 6,980.80 crore.
