Prestige Estates quarterly sales surge 19% from last year

Prestige Estates also reported its quarterly sales, which was up 19 percent YoY to Rs 3,888.8 crore, while quarterly collections came in at Rs 2,763.3 crore, up by 12 percent YoY, during Q4FY23.

The Group further claims to have sold over 9,600 homes in FY23, which span over 15 million square feet in area.

During the year FY23, the new launches totaled 26.38 million square feet, up by 57 percent YoY, which included Residential projects of 16.45 million square feet, and capex projects of 9.92 million square feet.

Venkat K Narayana, Chief Executive Officer, Prestige Group said, “We achieved a record-breaking highest sale of Rs 12,930 crore, which is a remarkable increase of 25 percent compared to the previous year's (high base) sales of Rs 10,382 crore."

Narayana further said that the company has a strong pipeline of more than 65 million square feet of residential launches planned for the next couple of years.

“I am delighted to share that our Mumbai sales have contributed approximately Rs 2,700 crore to the total sales this year, already contributing 21 percent to our total sales. Our Mumbai portfolio now comprises eight projects, including ongoing and upcoming projects, with a total sales potential of Rs 75,000 crore (Total GDV). This is a great start in new geography, and we are excited about the growth opportunities that lie ahead,” he added.

Earlier this week, Prestige Estates arm acquired 51 percent in Dashanya Tech for Rs 66 crore.

The company reported its Q3 earnings in February. Its profit soared over 47 percent to Rs 127.8 crore against Rs 87 crore in the same quarter last year. However, its margin declined by 310 basis points to 24.4 percent.

Prestige Estates stocks settled at Rs 450.70 apiece, up over 2.60 percent, when the market closed today, April 19, 2023.