Prestige Estates on Wednesday reported an over four-time jump in its consolidated net profit at Rs 204.9 crore for the quarter ended June on higher sales. Its net profit stood at Rs 45.8 crore in the year-ago period.
The company’s total income rose 42 per cent to Rs 2,011.8 crore in the April-June quarter from Rs 1,418 crore in the corresponding period of the previous year, according to a regulatory filing.
On operational front, the Bengaluru-based Prestige Estates registered sales of Rs 3,012.1 crore, up 310 per cent year-on-year.
“The sales is attributed to 3.63 million square feet of volume with an average realization of Rs 8,309 per square feet. Prestige Group sold a total of 2,564 units in the quarter, which amounts to 28 units sold per day,” Prestige group said in a statement.
Total consolidated net debt stood at Rs 3,919 crore at the end of the June quarter.
During the June quarter, four projects were launched spanning 9.67 million square feet, while three projects totaling 0.78 million square feet were completed.
Irfan Razack, Chairman and Managing Director, Prestige Group said its newly launched projects in Mumbai have contributed to overall numbers.
“Overall, we are in a great position with a strong pipeline of new launches in the coming quarters, across various geographies and segments, which will continue to add to our strong sales performance and overall growth,” Razack said.
Venkat K Narayana, Chief Executive Officer, Prestige Group said, “We are well positioned to yet again achieve another steady overall performance during the FY23, with the first quarter setting the right momentum.”
In Mumbai alone, he said the company achieved almost 25 per cent of the first quarter of FY23 sales.
“We continue to thrive on our performance and have close to about 15 million square feet of new launches in the upcoming quarters this year. Multiple launches are planned in geographies outside of Bengaluru, such as Hyderabad, Mumbai, and Noida,” Narayana said.
Prestige Group, one of the leading real estate developers in the country, has legacy of over three decades in real estate development.
It has a diversified business model across various segments — residential, office, retail, hospitality, and services — with operations in 12 major locations in India.
The group has completed 271 projects spanning developable area of 151 million square feet and has 48 ongoing projects across segments, with total developable area of 75 million square feet.
Further, 51 projects spanning 84 million square feet are under various planning stages.
The company operates more than 1,300 keys under its hospitality portfolio. The group also holds a land bank of over 375 acres, equal to an additional 27 mn square feet of development potential.
