Prestige Estates Q2 profit up 14 pc at Rs 110.6 cr

Realty firm Prestige Estates Projects has reported a 14 per cent increase in its consolidated net profit at Rs 110.6 crore for the second quarter of this fiscal year.

Its net profit stood at Rs 96.8 crore in the year-ago period, according to a regulatory filing.

Total income rose to Rs 1,962.7 crore during July-September period of 2019-20 fiscal year from Rs 1,338.7 crore in the corresponding period of the previous year.

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

The group has completed 241 projects with developable area of 125 million sq ft and has 45 ongoing projects across segments, with total developable area of 48 million sq ft.

Further, it has 65 million sq ft in the planning stage, and holds a land bank with potential developable area of over 29 million sq ft.

The consolidated turnover of the company during 2018-19 was Rs 5,284 crore with operating income of Rs 1,566 crore.