Prestige Estates records sales of Rs 3,268 crore in Q4 FY22

Prestige Estates Projects recorded sales value of Rs 3,268.7 crore in Q4 FY22, up by 77% from Rs 1,850.4 crore reported in Q4 FY21.

Sales volume in the fourth quarter increased by 76% YoY to 4.85 million square feet.

Collections improved by 39% to Rs 2,461 crore in Q4 FY22 from Rs 1,767.6 crore in Q4 FY21.

The company launched total projects of 5.01 million square feet in the fourth quarter. It had launched projects totaling 4.74 million square feet in the corresponding period last year.

During FY22, the Group registered sales of Rs 10,382.2 crore (up 90% YoY) and clocked collections of Rs 7,466.4 crore (up 47% YoY).

During the year, the Group had launched 16.77 million square feet of projects across geographies, up 42% YoY. In FY23, the Group envisages to launch projects of over 15 million square feet.

On the execution front, the Group has completed projects totaling 14.26 million square feet in FY22.

Irfan Razack, chairman, Prestige Group, said: We take immense pride in highlighting that Prestige Group has crossed Rs 10,000 crore presales benchmark. Presales during FY22 stood at Rs 10,382 crore. We continue to witness steadfast momentum for our offerings.

Venkat K Narayana, chief executive officer, Prestige Group, commented: New sales have come from 15.07 million square feet of sales volume with average selling price of Rs 6890 per square feet.

Prestige Group has a diversified business model across residential, office, retail, and hospitality segments with operations in 12 key locations in India.

The real estate developer's consolidated net profit rose 58.94% to Rs 93.30 crore despite 25.44% decline in sales to Rs 1,377.60 crore in Q3 FY22 over Q3 FY21.

The scrip shed 0.03% to currently trade at Rs 490.60 on the BSE.

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