Prestige Estates jumps after good Q3 sales

Prestige Estates Projects jumped 4.25% to Rs 159.50 at 11:02 IST on BSE after the company said its real estate sales rose 24.69% to Rs 940.20 crore in Q3 December 2013 over Q3 December 2012.

The announcement was made during trading hours today, 8 January 2014.

Meanwhile, the BSE Sensex was up 69.84 points, or 0.34%, to 20,763.08.

On BSE, so far 13,000 shares were traded in the counter, compared with an average volume of 38,897 shares in the past one quarter.

The stock hit a high of Rs 164.35 and a low of Rs 152.95 so far during the day. The stock hit a 52-week high of Rs 194.90 on 7 February 2013. The stock hit a 52-week low of Rs 105.10 on 28 August 2013.

 

The stock had outperformed the market over the past one month till 7 January 2014, rising marginally by 0.03% compared with the Sensex's 1.44% fall. The scrip had also outperformed the market in past one quarter, gaining 18.24% as against Sensex's 4.01% rise.

The mid-cap company has an equity capital of Rs 350 crore. Face value per share is Rs 10.

Prestige Estates Projects said it sold 1,204 residential units and 0.026 million square feet (Mnsft) of commercial space, aggregating to 2.075 Mnsft, amounting to Rs 1262 crore of sales in Q3 December 2013.

Of the above, Prestige share is 904 units -1.55 Mnsft amounting to Rs 940.20 crore of sales, up by 24.69% from that of Q3 December 2012.

In Q3 December 2012, the company had sold 682 units aggregating 1.44 Mnsft of residential and commercial space, amounting to Rs 754 crore of sales - Prestige share. (Overall sales of 1.69 Mnsft of area amounting to Rs 873.90 crore).

Collections rose 16.69% to Rs 592.30 crore in Q3 December 2013 over Q3 December 2012 - Prestige share. (Overall collections for the Q3 December 2013 - Rs 713.30 crore).

In Q3 December 2013, the company launched the first phase of its largest residential project- Prestige Lakeside Habitat in Bangalore aggregating to 2.79 million square feet of total developable area. The project is spread across 102 acres in area and consists of apartments and villas with total developable area of 8.40 Mnsft.

Prestige Estates Projects said it is very close to meet its target set for the fiscal year ending March 2014 in terms of sales, collection and launches.

Prestige Estates Projects' net profit jumped 69.9% to Rs 77.62 crore on 111.5% growth in net sales to Rs 472.25 crore in Q2 September 2013 over Q2 September 2012.

Prestige Estates Projects is one of the leading real estate development companies operating in the southern part of the country and more specifically in Bangalore.

Powered by Capital Market - Live News