Prestige Estate Projects Ltd - Q3FY24 and 9MFY24 Performance Update

India's leading real estate developer, Prestige Group announced its financial results for the nine months and quarter ending 31 December, 2023. Summarised financial results and operational performance for the nine months and quarter ending 31 December 2023 are as follows:

Financial Performance:

During 9M FY24, the company registered the following Financial Results:

1. Revenue of 871,928 mn, up 23.29% YoY.
2. EBITDA of 831,504 mn, up 102.56% YoY.
3. PAT of 813,921 mn, up 148% YoY.
4. EBITDA and PAT margins were at 43.80% and 19.35%, respectively.

During Q3 FY24, the company registered the following Financial Results:

1. Revenue of 819,705 mn, down 16.06% YoY.
2. EBITDA of 87,262 mn, up 20.09% YoY.
3. PAT of 81,644 mn, up 1.48% YoY.
4. EBITDA and PAT margins were at 36.85% and 8.34%, respectively.

Debt equity ratio on 31 Dec, 2023 was at 0.60; Total consolidated net debt stood at 869,808 mn.

Operational Performance:

During 9M FY24, the company achieved the following Operational Performance:

1. Registered Sales of 8163,334 mn, up by 81% YoY.
2. Collections stood at 884,788 mn, up by 20% YoY.
3. Total area launched stood at 30.82 mn sft.
4. Project Completions totalled 12.23 mn sft.

During Q3 FY24, the company achieved the following Operational Performance:

1. Registered Sales of 853,261 mn, up by 111% YoY.
2. Collections stood at 831,163 mn, up by 36% YoY.
3. Total area launched stood at 14.62 mn sft.
4. Project Completions totalled 4.12 mn sft.

On the performance, Mr. Irian Razack, Chairman and Managing Director, Prestige Group said, "We are happy as we review the robust performance of the 9M and Q3 FY24. We have crossed many milestones during the current period. The record sales, collections and successful launches affirm the customers' confidence and trust in our brand and our team's dedication, hard work and commitment.

Building on the momentum of delivering 12.23 mn sft during 9M FY24, we have already completed 12+ mn sft in the current ongoing quarter (Q4 FY24). With this feat, our total Completions have crossed an impressive milestone of 300 projects spanning 188+ mn sft.

The past nine months we achieved a Sales performance totalling over 816,300+ Cr, an impressive 81% increase. Additionally, our Collections have surged to over 884,00+ Cr, a notable 21% growth. These achievements showcase exceptional dedication and expertise of our team. As we move forward we are committed to sustaining this momentum, with a strong future pipeline."

Expressing his views on the performance, Mr. Venkat K Narayana, Chief Executive Officer, Prestige Group said, "I am delighted to present our financial accomplishments. In the first nine months of the fiscal year 2024, we have recorded a Revenue of 871,928 mn, EBITDA of 831,504 mn, and PAT of 813,921 mn. The EBITDA and PAT margins for the year stand at an impressive 43.80% and 19.35%, respectively. These figures consistently demonstrate growth from our previous benchmarks, emphasizing the steadfast progress in scaling our operations.

Moreover, with over 100+ projects currently in our pipeline, spanning across 170+ mn sft across various cities and asset classes, we are poised for sustained expansion and growth in the upcoming years."

Shares of Prestige Estates Projects Limited was last trading in BSE at Rs. 1102.85 as compared to the previous close of Rs. 1141.80. The total number of shares traded during the day was 27330 in over 1953 trades.

The stock hit an intraday high of Rs. 1147.05 and intraday low of 1033.40. The net turnover during the day was Rs. 30069434.00.

Source : Equity Bulls

Keywords

PrestigeEstatesProjects INE811K01011 Q3FY24 9MFY24 ResultUpdate