Prestige Estates surges 8%, hits life-time high on record Q3 sales

The company registered highest ever quarterly sales of Rs 4,267 crore, up 111 per cent year on year (YoY) during October-December quarter (Q3FY22).

Shares of Prestige Estates Projects hit a record high at Rs 553.40, on rallying 8 per cent on the BSE in Tuesday’s intra-day trade after the real estate company said it registered highest ever quarterly sales of Rs 4,267 crore, up 111 per cent year on year (YoY) during October-December quarter (Q3FY22).

The company  also its clocked highest ever collections of Rs 2,431.6 crore, up 70 per cent YoY during Q3FY22 backed by the heightened response to newly launched projects viz. Prestige Avalon, Aspen & Eden Park, part of The Prestige City, Bengaluru, Prestige Beverly Hills, Hyderabad and the existing inventories across geographies.

At 09:37 am; the stock was up 6 per cent at Rs 544.30, as compared to 0.07 per cent gain on the S&P BSE Sensex. The counter has seen huge trading volumes, with a combined 1.5 million equity shares changing hands on the NSE and BSE in first 25 minutes of trade. In the past one week, the stock outperformed the market by surging nearly 20 per cent, as compared to 1.3 per cent rise in the S&P BSE Sensex.

For the first nine months (April-December) of the financial year 2021-22 (9MFY22), the company said it sales touched record Rs 7,113 crore and collections stood at Rs 5,005 crore. “As we kick off 2022, our business plan will be anchored by a principal focus on revenue expansion as we continue to capitalize on our brand premium, execution track record and market consolidation theme. We are looking forward to further growth in our sales in 2022, backed by the robust launch pipeline of over 15 mn.sqft,” the management said.

Going forward, the company's focus remains on revenue expansion driven by its capitalisation on brand premium, strong execution track record, market consolidation, and robust launch pipeline of over 15 mn sq ft, ICICI Securities said in a note.