Prestige Group achieves Record-breaking Sales Milestone of ₹21,040 Cr for FY24, marking its highest sales ever

Prestige Group, India's leading real estate developer, has announced its Operational Results for the fiscal year and fourth quarter ending on March 31, 2024.

Operational Results for FY 24 & Q4 FY24

- Achieved the Highest Ever Annual Sales - Prestige Group achieved a recordbreaking Sales milestone of ₹21,040 Cr for FY24, marking a growth of 63% YOY (FY 23 Sales: ₹12,931 Cr); Quarterly Sales touched ₹4,707 Cr, up by 21% YOY.

- Attained the Highest Ever Annual Collections - of ₹11,954 Cr for FY24, a growth of 22% YOY (FY 23 Collections: ₹9,805 Cr); Quarterly Collections amounted to ₹3,474 Cr, up by 26% YOY.

- Achieved the Highest Ever Area Sold in the year, totalling 20.25 mn sft, up by 34% YOY; Quarterly Area Sold reached 4.11 mn sft, up by 3% YOY.

- Achieved the Highest Ever Number of Units Sold, with 10,068 units sold in FY2024; Quarterly Units Sold stood at 1,666 in Q4FY24.

- Achieved the Highest Average Realization at ₹10,410 psf in FY24.

- Achieved Highest Ever Annual Launches in a year, with total project launches totalling Total Development Area (TDA) aggregating to 40.19 mn sft, in FY 24, up by 52% YOY.

- Completed delivery of 300 projects encompassing 190 Mn sft area overall to date.

- Delivered 19 projects spanning 25.55 mn sft in FY24.

- Delivered 9 projects spanning 13.33 mn sft in Q4 FY24.

Commenting on the performance, Mr. Irfan Razack, Chairman and Managing Director, Prestige Group, said: "We are happy to announce our strong achievements in FY24 - our record-breaking sales of ₹21,040 Cr, coupled with the highest ever annual collections of ₹11,954 Cr, area sold, etc - among other parameters, reflect the trust of our customers and dedication of our team. Furthermore, the strategic initiatives, including significant acquisitions and successful partnerships, have not only contributed to our financial success but also strengthened our position as a leading real estate developer. The completion of landmark projects and the recognition received in terms of awards and certifications are a testament to our relentless pursuit of quality and customer satisfaction."

Mr. Venkat K Narayana, Group CEO, said "Our operational performance has been formidable during FY 24. We anticipate greater momentum ahead, with key markets like NCR and Pune driving sales. Our focus on project completions and new launches has fueled growth, with completion of 19 projects spanning 25 Mn sft in FY24. Looking to FY25, notable launches include Prestige Forest Hills in Mumbai; Prestige Raintree Park and Prestige Falcon City Luxe in Bengaluru; Prestige Pallava Gardens in Chennai; The Prestige City Indirapuram and Prestige Bougainvillea in NCR; collectively contributing nearly 30 Mn sft with a combined GDV of ₹28,000 Cr."

Shares of Prestige Estates Projects Limited was last trading in BSE at Rs. 1275.75 as compared to the previous close of Rs. 1290.35. The total number of shares traded during the day was 28787 in over 2664 trades.

The stock hit an intraday high of Rs. 1327.40 and intraday low of 1262.00. The net turnover during the day was Rs. 37236869.00.

Source : Equity Bulls

Keywords

PrestigeEstatesProjects INE811K01011 Realty OperationalUpdates Q4FY24