Prestige Estates sales jumps 21% YoY in Q4

Prestige Estates Projects said that its sales stood at Rs 4,707 crore in Q4 FY24, registering the growth of 21% YoY.

The companys collections jumped 26% YoY to Rs 3,474 crore in Q4 FY24.

During the quarter, area sold increased by 3% YoY to 4.11 million square feet while the company sold 1,666 units in Q4.

The company completed 9 projects spanning 13.33 million square feet in Q4 FY24

During FY24, the company has achieved highest ever annual sales of Rs 21,040 crore (up 63% YoY) and received highest ever annual collections of Rs 11,954 crore (up 22% YoY).

During the year, the Group has achieved highest ever project launches of 40.19 million square feet, up 52% YoY.

On the execution front, the Group has completed 19 projects totaling of 25.55 million square feet in FY24.

Irfan Razack, chairman and managing director, Prestige Group, said: We are happy to announce our strong achievements in FY24 - our record-breaking sales of Rs 21,040 crore, coupled with the highest ever annual collections of Rs 11,954 Cr, area sold, etc - among other parameters, reflect the trust of our customers and dedication of our team. Furthermore, the strategic initiatives, including significant acquisitions and successful partnerships, have not only contributed to our financial success but also strengthened our position as a leading real estate developer. The completion of landmark projects and the recognition received in terms of awards and certifications are a testament to our relentless pursuit of quality and customer satisfaction.

Venkat K Narayana, Group CEO, said, Our operational performance has been formidable during FY24. We anticipate greater momentum ahead, with key markets like NCR and Pune driving sales. Our focus on project completions and new launches has fueled growth, with completion of 19 projects spanning 25 Mn sft in FY24. Looking to FY25, notable launches include Prestige Forest Hills in Mumbai; Prestige Raintree Park and Prestige Falcon City Luxe in Bengaluru; Prestige Pallava Gardens in Chennai; The Prestige City Indirapuram and Prestige Bougainvillea in NCR; collectively contributing nearly 30 Mn sft with a combined GDV of Rs 28,000 crore.

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

The companys consolidated net profit fell 9% to Rs 116.3 crore in Q3 FY24 as against Rs 127.8 crore reported in the same period last year. Revenue from operations declined 22.49% year on year (YoY) to Rs 1,795.8 crore in the quarter ended 31 December 2023.

The scrip fell 1.13% to settle at Rs 1,275.75 on the BSE.

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