Prestige Estates resigters 70% YoY drop in Q4 PAT to Rs 140 crore

Prestige Estates Projects has reported 70.1% drop in consolidated net profit to Rs 140 crore in Q4 FY24 from Rs 468.40 crore recorded in Q4 FY23.

Net sales declined by 17.8% year-over-year to Rs 2,164 crore during the period under review.

Profit before tax in Q4 FY24 stood at Rs 314.50 crore, down by 49.3% from Rs 620.40 crore recorded in Q4 FY23.

Total operating expenditure for the period under review added up to Rs 1336.30 crore, down 31.5% YoY. Finance costs in the fourth quarter jumped by 80.6% YoY to Rs 423.80 crore.

For FY24, Prestige Estates has reported net profit and revenue of Rs 1,374.10 crore (up 45.9% YoY) and Rs 7,877.10 crore (down 5.3% YoY), respectively.

Prestige Group, one of the leading real estate developers in the country, has a legacy of over three decades in real estate development. It has diversified business model across various segments, viz residential, office, retail, hospitality, property management and warehouses with operations in more than 12 major locations in India. The Group has completed 300 projects spanning a developable area of approximately 190 million square feet.

The scrip rose 1.80% to currently trade at Rs 1577.05 on the BSE.

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