Prestige Estates tumbles after Q1 results

Prestige Estates Projects slumped 5.14% to Rs 212.05 at 12:34 IST on BSE after net profit rose 23.2% to Rs 128.17 crore on 23.7% growth in net sales to Rs 695.17 crore in Q1 June 2015 over Q1 June 2014.

Meanwhile, the S&P BSE Sensex was down 116.59 points or 0.42% at 27,749.50.

On BSE, so far 16,000 shares were traded in the counter as against average daily volume of 59,780 shares in the past one quarter.

The stock hit a high of Rs 223.85 and a low of Rs 211 so far during the day. The stock had hit a 52-week low of Rs 193.75 on 15 September 2014. The stock had hit a record high of Rs 323.70 on 29 January 2015.

The stock had underperformed the market over the past one month till 11 August 2015, sliding 8.49% compared with the Sensex's 0.74% rise. The scrip had also underperformed the market in past one quarter, declining 19.25% as against Sensex's 1.3% rise.

The mid-cap company has equity capital of Rs 375 crore. Face value per share is Rs 10.

Higher other income aided bottom line growth during the quarter. Other income surged 133.1% to Rs 122.31 crore in Q1 June 2015 over Q1 June 2014.

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

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