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HomeUncategorizedPrestige Estates Projects posts net profit of Rs 910.3 crore

Prestige Estates Projects posts net profit of Rs 910.3 crore

Prestige Estates Projects' net consolidated total income stood at Rs 3,256 crore in Q2 FY24, a growth of 120.79 per cent from Rs 1,474.70 crore it recorded in the similar quarter last year.

Prestige Estates Projects has reported a growth of 512.58 per cent in its net consolidated profit during the quarter ended September 30, 2023. Its profit after tax stood at Rs 910.3 crore in Q2 FY24 as against Rs 148.6 crore it registered in the corresponding quarter of previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 3,256 crore in Q2 FY24, a growth of 120.79 per cent from Rs 1,474.70 crore it recorded in the similar quarter last year.

During the six months ended September 30 2023, the company has acquired through its wholly-owned subsidiary, 51% shares in Dashanya Tech Parkz. Pursuant to this acquisition, the company hold 50% stake in Dashanya Tech Parkz on fully diluted basis.

The company 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 in H1 FY24.

Prestige Falcon Realty Ventures, the wholly-owned subsidiary of the company retired from Lokhandwala DB Realty LLP in H1 FY24. Prestige Acres, a subsidiary of the company has entered into the LLP as a partner with 50% ownership and economic rights.

The company also acquired 48.07% shares in Techzone Technologies through its wholly owned subsidiary in H1 FY24.

It has acquired balance stake in Prestige (BKC) Realtors and Turf Estate Joint Venture LLP through its wholly owned subsidiary in H1 FY24. Pursuant to this acquisition, the company hold 100% interest in these entities and 99.99% interest in Evergreen Industrial Estate (subsidiary of Turf Estate Joint Venture LLP), resulting in gain of control.

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