Prestige Estates Projects gains after good Q2 sales

Prestige Estates Projects rose 3.73% to Rs 140.30 at 13:13 IST on BSE after the company said its real estate sales rose 31% to Rs 1068.50 crore in Q2 September 2013 over Q2 September 2012.

The announcement was made during trading hours today, 9 October 2013.

Meanwhile, the BSE Sensex was up 136.47 points, or 0.68%, to 20,120.08.

On BSE, 62,000 shares were traded in the counter compared with average volume of 52,358 shares in the past one quarter.

The stock hit a high of Rs 144.40 and a low of Rs 136 so far during the day. The stock hit a 52-week high of Rs 194.90 on 7 February 2013. The stock hit a 52-week low of Rs 105.10 on 28 August 2013.

The stock had outperformed the market over the past one month till 8 October 2013, rising 15.65% compared with the Sensex's 3.70% rise. The scrip had, however, underperformed the market in past one quarter, falling 11.11% as against Sensex's 3.41% rise.

The mid-cap company has an equity capital of Rs 350 crore. Face value per share is Rs 10.

Prestige Estates Projects said it demonstrated strong operating performance in Q2 September 2013 despite all the negative factors affecting the economy, such as rising inflation, falling rupee, lowest GDP growth, surprise increase in the interest rates and volatility in the markets.

The company said it sold 1,193 residential units and 0.11 million square feet of commercial space, aggregating to 1.95 million square feet amounting to Rs 1149.70 crore of sales. Out of which, Prestige share was 1,105 units, 1.83 million square feet amounting to Rs 1068.50 crore of sales, up by 31% compared with Q2 September 2012.

In Q2 September 2012, the company had sold 831 units and 0.29 million square feet of commercial space aggregating 1.62 million square feet amounting to Rs 816 crore of sales.

Collections rose 23% to Rs 619.80 crore in Q2 September 2013 compared with Rs 505 crore in Q2 September 2012.

In Q2 September 2013, the company launched four residential projects across Bangalore and Chennai, aggregating to 5.21 million square feet of total developable area.

The company said it is committed to accelerate its sales and launches over the coming quarters and coupled with the numbers achieved so far this fiscal, we are well on track to achieve targets set for the year ending March 2014.

Prestige Estates Projects' net profit jumped 75.85% to Rs 86.66 crore on 114.85% growth in total income to Rs 529.31 crore in Q1 June 2013 over Q1 June 2012.

Prestige Estates Projects is one of the leading real estate development companies operating in the southern part of the country and more specifically in Bangalore.

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