Prestige Estates Projects Q1 results: Net profit falls 12% to Rs 233 cr

Indian real estate developer Prestige Estates Projects posted a 12 per cent fall in first-quarter profit on Wednesday - its third straight quarterly profit fall - hurt by lower sales and fewer launches.

The company said its consolidated net profit fell to Rs 233 cr ($27.9 million) for the quarter ended June 30 from Rs 267 cr a year ago.

It sold 1,364 units during the quarter, marking a 40 per cent decline year on year.

The housing market, especially in the premium segment, has seen continued growth in the past few quarters, with higher-end buyers remaining unfazed by inflationary pressures.

However, the real estate sector experienced a slowdown in approvals and project launches during the election period, contributing to a slump in sales for Prestige.

Mumbai-based Oberoi Realty earlier reported an 82 per cent profit jump in the June-quarter, as demand for luxury projects sustained its momentum.