Prestige Estates Projects Q1 results: Net profit down 3.4% at Rs 307 crore

Bengaluru-based Prestige Estates Projects reported a consolidated net profit of Rs 307 crore in the first quarter of FY2025, down 3.4 per cent from the same period last year.

The realty firm’s revenue from operations stood at Rs 1,862.1 crore in Q1 FY25 against Rs 1,680.9 crore in the corresponding period last year. The Board has recommended a final dividend of Rs 1.80 per share for the financial year ended March 31, 2024.

Prestige Estates entered into a Joint Development Agreement (JDA) with a landowner to develop a real estate project in Q1 FY25. The agreement granted the company development rights in exchange for a share of the project for the landowner. The company also incurred Transferrable Development Rights (TDRs) worth Rs 923 million, which are recoverable from the landowner. Pending claims remain on this amount.

Prestige Estates reported Q1 FY25 sales of Rs 3,029.5 crore, down from Rs 3,914.7 crore in Q1 FY24. The total sales volume for the quarter was 2.86 million square feet, compared to 3.83 million square feet in the same period last year. A total of 1,364 units were sold.

“Despite the lag in approvals and project launches during the election period, we still crossed a commendable sales figure. During the quarter, we have also released South Block in Prestige Ocean Towers in Marine Lines, Mumbai,” said Irfan Razack, Chairman and Managing Director of Prestige Estates Projects Ltd.

Additionally, the average realization was Rs 11,934 per square foot for apartments, villas, and commercial spaces, up by 16 per cent YoY.

The company launched two residential projects in Bengaluru, spanning 1.86 million square feet with a gross development value of Rs 1,400 crore. These projects are Prestige King’s County in South Bengaluru and Prestige Camden Gardens, a modern apartment complex in North Bengaluru.

Razack announced a robust sales performance across key regions like Bengaluru (43%), Hyderabad (32%), and Mumbai (23%). The company plans to launch new projects, including Prestige Pallava Gardens in Chennai, Prestige Forest Hills in Mumbai, The Prestige City Indirapuram in NCR, and several developments in Bengaluru such as Prestige Southern Star and Prestige Raintree Park. This diverse project pipeline spans multiple geographies.

“These projects will further strengthen our market position and aid in delivering exceptional value to our customers and stakeholders,” added Razack.

Prestige Estates shares ended the day's trade on BSE at Rs 1,820 apiece, down 1.51 per cent.