Prestige Estates Projects Q1 results: Net profit soars 30.2% at ₹267 crore
1 min read 08 Aug 2023, 08:41 PM ISTTotal revenue declines 13.3% at ₹1,680.9 crore in the June quarter of FY24, as compared to ₹1,938.5 crore in the same period a year ago
PremiumReal estate firm Prestige Estates Projects Ltd on Tuesday said its net profit rose 30.2% year-on-year (YoY) at ₹267 crore for the April-June quarter of fiscal year 2024.
Its net profit stood at ₹205 crore in the corresponding quarter last fiscal year.
Total revenue declined 13.3% at ₹1,680.9 crore in the June quarter of FY24, as compared to ₹1,938.5 crore in the same period a year ago, Prestige Estates Projects said in an exchange filing.
The realty firm said its Ebitda increased 14.1% at ₹526.7 crore in the first quarter against ₹461.7 crore in the corresponding period last fiscal.
Shares of Prestige Estates Projects Ltd on Tuesday closed at ₹599.95, up 2.56%, on the BSE.
On July 12, Prestige Estates Projects said its sales bookings rose 30% at ₹3914.7 crore in the first quarter of the current
fiscal year on better demand of its residential and commercial properties.
Its sales bookings stood at ₹3,012 crore in the year-ago period.
The Bengaluru-based company had said it sold 3.83 million square feet area during April-June of 2023-24 financial year.
On May 30, the real estate company said it completed two strategic acquisitions by attaining full ownership in Mumbai's Prestige (BKC) Realtors Private Limited and Turf Estate Joint Venture LLP.
Prestige bought the balance stake from DB Group.
Through its wholly-owned subsidiary Prestige Falcon Realty Ventures Pvt Ltd, the company entered into agreements to increase its stake to 100% from 50% by acquiring the remaining securities of Prestige (BKC) Realtors Private Limited from DB Group and its subsidiaries for a consideration of ₹978.70 crore.
Turf Estate Joint Venture LLP is developing a project with a potential GLA of 2.9 million square feet of Grade A office space in Mumbai's Mahalakshmi area.
“These are two important strategic acquisitions," Venkat K. Narayana, Group CEO at Prestige Estates Projects Limited, had said.
