Prestige Estates net up 20% to Rs 113 crore in Q4

Revenues up 13% at Rs 743 cr, operating profit up 17% at Rs 211 cr

Prestige Estates Projects Limited, the Bengaluru-based property developer, has reported 20 per cent rise in net profit at Rs 113.8 crore for the fourth quarter ended March 2015 compared to Rs 95.1 crore in the corresponding quarter of last year. During the fourth quarter, the company has shown 13 per cent increase in revenues at Rs 742.6 crore, which includes other income, compared to Rs 659.1 crore in the corresponding quarter of last year.

The operating profit for the quarter was up 17 per cent at Rs 211.3 crore as against Rs 181.1 crore in the same period last year.

During the quarter, the company has sold 795 residential units and 0.004 million square feet of commercial space, aggregating to 1.46 million square feet amounting to Rs 1,110 crore of sales, up 26 per cent from the same period last year. During the corresponding quarter of previous fiscal, the company had sold 827 residential units and 0.07 million square feet of commercial space, aggregating to 1.40 million square feet amounting to Rs 878.8 crore of sales.

The company has launched 13 projects in Bengaluru and Hyderabad across residential, commercial and hospitality segments, aggregating to 7.25 million square feet of total developable area. The company has delivered 2 commercial projects aggregating to 1.51 million square feet.