Prestige Estates' PBT declines 74% in Q1 as Covid-19 dents business

With the coronavirus (Covid-19) pandemic causing significant disturbance and slowdown of economic activities, Bengaluru-based real estate company Prestige Estates posted a 74 per cent decline in profit before tax at Rs 49.9 crore for the June quarter as compared to the corresponding quarter in the year ago period.

While the company registered a consolidated net profit of Rs 20 crore for the period, a fall of 83 per cent vis-a-vis a year ago, total income stood at Rs 1,296.3 crore for the realty major.

“Due to the lockdown announced by the government, the company's operations were slowed/ suspended for part of the