Prestige Estates Projects Ltd - Operational Update for Q4FY23, FY2023

India's leading real estate developer, Prestige Estates, has announced its update on operational performance for the fiscal year and the quarter ending 31st March 2023.

Prestige Group registers highest ever sales of ₹1,29,309 mn (up by 25% yoy) and highest ever Collections of ₹98,055 mn (up by 31% yoy) during 12M FY23; registers quarterly sales of ₹38,888 mn (up by 19% yoy) and quarterly Collections of ₹27,633 mn (up by 12% yoy) during Q4 FY23. The Group sold 9600+ homes in FY23 spanning over 15 mn sft area.

During the fiscal year FY23, the Group registered record-breaking highest sales of ₹1,29,309 mn (up by 25% yoy) and highest ever Collections of ₹98,055 mn (up by 31% yoy). The sales during this period are attributed to 15.09 mn sft volume with an average realization of ₹8,812/sft (up by 17% yoy) for Apartments/ Villas/ Commercial Sales and average realization of ₹4,124/sft (down by 2% yoy) for Plot Sales. The Group sold 9600+ homes in FY23 spanning over 15 mn sft area.

During Q4 FY23, the Group has registered Sales of ₹38,888 mn (up by 19% yoy) and highest ever quarterly Collections of ₹27,633 mn (up by 12% yoy). The sales during this period is attributed to 4.00 mn sft volume with an average realization of ₹9,761/sft (up by 26% yoy) for Apartments / Villas/ Commercial Sales and average realization of ₹4,508/sft (up by 44% yoy) for Plot Sales.

During the year FY23 the new launches totalled 26.38 mn sft up by 57% yoy; (Residential 16.45 mn sft, capex projects 9.92 mn sft). The total completions during the year stood at 15.68 mn sft up by 10% yoy.

On the steady performance, Mr. Irfan Razack, Chairman and Managing Director, Prestige Group said, "We are delighted to announce that the company has achieved significant growth in the past year- with sales, collections, launches, and completions far surpassing the previous year's level. Our success in the past year has been driven by our commitment to delivering high-quality projects and exceptional service to our clients. We have been dedicated to expanding our property portfolio while maintaining a healthy balance of launches and completions.

We are well-positioned to continue our upward trajectory, and we have set ambitious objectives for the next three years. Our aim is to double our sales during this time, and we are confident that we have the right team and strategy in place to achieve this goal. As we look to the future, we are enthusiastic about the prospects ahead and the potential for sustained growth and success. This is evidence to the team's hard work, dedication, and customer-centric approach.

Expressing his views on the performance, Mr. Venkat K Narayana, Chief Executive Officer, Prestige Group said, "I am thrilled to share with you our operational update for the financial year 2022-23, which has been an excellent year for us. We achieved a record-breaking highest sale of ₹12,930 Cr, which is a remarkable increase of 25% compared to the previous year's (high base) sales of ₹10,382 Cr. Also, the sales were backed by highest ever yearly collections of ₹9,805 Cr and highest quarterly collections of ₹2,763 Cr respectively. In terms of our project launches, we launched 26 mn sft of projects this year, including 16 mn sft of residential and 10 mn sft of capex projects. Furthermore, we have a strong pipeline of more than 65 mn sft of residential launches planned for next couple of years.

I am delighted to share that our Mumbai sales have contributed approximately ₹2700 Cr to the total sales this year, already contributing 21% to our total sales. Our Mumbai portfolio now comprises eight projects, including ongoing and upcoming projects, with a total sales potential of ₹75,000 Cr (Total GDV). This is a great start in a new geography, and we are excited about the growth opportunities that lie ahead."

Shares of Prestige Estates Projects Limited was last trading in BSE at Rs. 448.05 as compared to the previous close of Rs. 448.55. The total number of shares traded during the day was 8303 in over 575 trades.

The stock hit an intraday high of Rs. 450.45 and intraday low of 441.75. The net turnover during the day was Rs. 3705137.00.

Source : Equity Bulls

Keywords

PrestigeEstatesProjects INE811K01011 Realty OperationalPerformance Update Q4FY23 FY2023