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Share of realty estate group Prestige soared 5.41 per cent on National Stock Exchange as against 0.05 per cent dip in Nifty50.
This comes on the back of the real estate company announcing the acquisition of 62.5 acres land in Indirapuram Extension, Delhi-NCR, for developing a township with a revenue potential of Rs 10,000 crore.
The acquisition, valued at Rs 468 crore including a revenue share will enable Prestige Group to expand in the dynamic Delhi-NCR real estate market, the company said in an exchange filing on Thursday. Presently the developer has a presence in Bengaluru, Mumbai, and Hyderabad.
The acquired land, covering a saleable area of 10 million square feet, will primarily focus on residential development, supplemented by educational and retail components.
Prestige Group CEO, Venkat K Narayana said that the company will be launching the project within the next two quarters and completing the development in four years.
The real estate developer registered a marginal uptick in its net profits to Rs 164.7 crore for the quarter ending in December, compared to Rs 161.7 crore reported in the corresponding period last year.
For the first nine months, April-December FY2024, the company's revenue rose by 23.29 per cent year on year (YoY) to Rs 7,192 crores. The company's profits rose by staggering 148 per cent YoY to Rs 1,392 crore cumulatively till December.
During this period, Prestige Group completed the development of 16.13 million square feet, achieving an average price realization of Rs 10,143 per square foot for apartments and villas. The total units sold in the first nine months of FY24 and Q3 FY24 amounted to 8,402 and 2,467 units, respectively.
At current levels the company is trading at a price to earnings valuation multiple of 25.84 times.
In the past six months the share price of the company has rallied over 83 per cent. Prestige had hit its 52 week high on Jan 15, 2024 at Rs 1440.
The real estate developer registered a marginal uptick in its net profits to Rs 164.7 crore for the quarter ending in December, compared to Rs 161.7 crore reported in the corresponding period last year.
For the first nine months, April-December FY2024, the company's revenue rose by 23.29 per cent year on year (YoY) to Rs 7,192 crores. The company's profits rose by staggering 148 per cent YoY to Rs 1,392 crore cumulatively till December.
During this period, Prestige Group completed the development of 16.13 million square feet, achieving an average price realization of Rs 10,143 per square foot for apartments and villas. The total units sold in the first nine months of FY24 and Q3 FY24 amounted to 8,402 and 2,467 units, respectively.
At current levels the company is trading at a price to earnings valuation multiple of 25.84 times.
In the past six months the share price of the company has rallied over 83 per cent. Prestige had hit its 52 week high on Jan 15, 2024 at Rs 1440.
Prestige Group has a diversified business model across various segments, viz residential, office, retail, hospitality, property management and warehouses with operations in more than 12 major locations across the country.
The group has completed 300 projects spanning a developable area of 188 million sq ft.
