Prestige Estates soars after recording strong sales in Q3

Prestige Estates Projects jumped 5.31% to Rs 539.75 after the realty company's sales booking for Q3 FY22 increased by 111% to Rs 4,267.6 crore from Rs 2,026 crore recorded in Q3 FY21.

The company has clocked highest ever collections of Rs 2,431.6 crore in Q3 FY22, up 70% YoY.

Irfan Razack, chairman, Prestige Group The new sales were backed by the great response to our newly launched project; Prestige Avalon, Aspen & Eden Park, Part of The Prestige City, Bengaluru, Prestige Beverly Hills, Hyderabad and the existing inventories across geographies.

Venkat K Narayana, chief executive officer, Prestige Group, said, We are looking forward to further growth in our sales in 2022, backed by the robust launch pipeline of over 15 mn. sqft.

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

The company's consolidated net profit rose 27.35% to Rs 75.90 crore despite a 28.29% decline in sales to Rs 1344.50 crore in Q2 FY22 over Q2 FY21.

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