Prestige Estates sales slides 23% YoY in Q1 FY25

The real estate developer informed that its sales stood at Rs 3,029.5 crore in Q1 FY25, registering a de-growth of 22.61% on YoY basis.

The companys sales collections rose 6% YoY to Rs 2,916.2 crore in first quarter of FY25.

During the quarter, area sold declined by 25.33% YoY to 2.86 million square feet while the company sold 1,364 units in Q1.

The company launched two residential projects in Bengaluru, covering a total developable area of 1.86 million square feet, with a combined GDV of around Rs 1,400 crore.

Irfan Razack, chairman and managing director of the company said: We are pleased with our performance in Q1 FY25, which reflects our robust market presence. Despite the lag in approvals and project launches during the election period, we still crossed a commendable sales figure of Rs 3,000 cr. During the quarter, we have also released South Block in Prestige Ocean Towers in Marine Lines, Mumbai and have received overwhelming response for the same.

We have maintained a healthy mix of sales from our top geographies: Bengaluru (43%), Hyderabad (32%), and Mumbai (23%). In the upcoming quarters, we look forward to launching an extensive pipeline of projects across diverse geographies, such as Prestige Pallava Gardens in Chennai, Prestige Forest Hills in Mumbai, The Prestige City Indirapuram in NCR, Prestige Biosphere in Goa, and Prestige Southern Star, Prestige Raintree Park, Prestige Pine Forest, etc in Bengaluru; to name a few.

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

The realtor has reported 70.1% drop in consolidated net profit to Rs 140 crore on 17.8% decline in net sales to Rs 2,164 crore in Q4 FY24 over Q4 FY23.

The scrip rose 1.63% to currently trade at Rs 1,796.45 on the BSE.

Powered by Capital Market - Live News