Prestige Estates Projects Q1 results: Net profit down 3.4% to Rs 307 crore
The Board of Directors has recommended a final dividend of Rs 1.80 per share for the financial year ended March 31, 2024. Illustration: Ajay Mohanty
Bengaluru-based Prestige Estates Projects reported a consolidated net profit of Rs 307 crore in the first quarter of FY25, down 3.4 per cent from the same period last year.
The real estate company’s revenue from operations stood at Rs 1,862.1 crore in Q1 FY25, against Rs 1,680.9 crore in the corresponding period last year. The board has recommended a final dividend of Rs 1.80 per share for the financial year ended March 31, 2024.
Prestige Estates entered into a Joint Development Agreement (JDA) with a landowner to develop a real estate project in Q1 FY25. The agreement granted the company development rights in exchange for a stake in the project for the landowner. The company also secured Transferrable Development Rights (TDRs) worth Rs 923 million, which are recoverable from the landowner. Claims on this amount are still pending.
Prestige Estates reported Q1 FY25 sales of Rs 3,029.5 crore, down from Rs 3,914.7 crore in Q1 FY24. The total sales volume for the quarter was 2.86 million sq ft, compared to 3.83 million sq ft in the same period last year. A total of 1,364 units were sold.
“Despite the delay in approvals and project launches during the election period, we have still achieved a commendable sales figure. During the quarter, we also launched South Block in Prestige Ocean Towers in Marine Lines, Mumbai,” said Irfan Razack, Chairman and Managing Director, Prestige Estates Projects Ltd.
Moreover, the average yield stood at Rs 11,934 per square foot for apartments, villas and commercial spaces, up 16 percent year-on-year.
The company launched two residential projects in Bengaluru, covering 1.86 million square feet with a gross development value of Rs 1,400 crore. These projects are Prestige King’s County in South Bengaluru and Prestige Camden Gardens, a modern apartment complex in North Bengaluru.
Razack announced robust sales performance in key geographies such as Bengaluru (43%), Hyderabad (32%) and Mumbai (23%). The company is planning to launch new projects including Prestige Pallava Gardens in Chennai, Prestige Forest Hills in Mumbai, The Prestige City Indirapuram in NCR and several developments in Bengaluru such as Prestige Southern Star and Prestige Raintree Park. This diverse project pipeline spans multiple geographies.
“These projects will further strengthen our market position and contribute to delivering exceptional value to our customers and stakeholders,” Razack added.
Shares of Prestige Estates closed the day on BSE at Rs 1,820 apiece, down 1.51 percent.
First print: Aug 01, 2024 | 12:13 AM IST