Prestige Estates Projects Limited - Operations Update - Q1 FY2025

Prestige Estates Projects Limited, India's leading real estate developer, has announced its operational results for the first quarter of the fiscal year 2025 (Q1 FY25), showcasing a consistent performance across key metrics.

Operational Highlights:

Sales:

- Prestige Estates recorded sales of ₹30,295 mn during Q1 FY25 (as against ₹39,147 during Q1 FY24 ).

- The total Sales Volume during the quarter was 2.86 mn sft (as against 3.83 mn sft during Q1 FY24).

- Total Units sold during Q1 FY25 were 1,364.

Average Realization Rates:

- The Average Realization was ₹11,934 per sft for Apartments, Villas and Commercial spaces, up by 16 % yoy.

- Plots saw an Average Realization of ₹7,285 per sft, up by 46 % yoy.

Collections:

- The Sales Collections for the quarter stood at ₹29,162 mn, up by 6 % yoy.

Project Launches:

- The company successfully launched the following two residential projects in Bengaluru, covering a total developable area of 1.86 mn sft, with a combined GDV of ~ ₹14,000 mn:

- Prestige King's County: A premium plotted development in South Bengaluru.

- Prestige Camden Gardens: A modern apartment project in North Bangalore.

Mr. Irfan Razack, Chairman and Managing Director of Prestige Estates Projects Limited, commented, "We are pleased with our performance in Q1 FY25, which reflects our robust market presence. Despite the lag in approvals and project launches during the election period, we still crossed a commendable sales figure of Rs 3,000 cr. During the quarter, we have also released South Block in Prestige Ocean Towers in Marine Lines, Mumbai and have received overwhelming response for the same.

We have maintained a healthy mix of sales from our top geographies: Bengaluru (43%), Hyderabad (32%), and Mumbai (23%). In the upcoming quarters, we look forward to launching an extensive pipeline of projects across diverse geographies, such as Prestige Pallava Gardens in Chennai, Prestige Forest Hills in Mumbai, The Prestige City Indirapuram in NCR, Prestige Biosphere in Goa, and Prestige Southern Star, Prestige Raintree Park, Prestige Pine Forest, etc in Bengaluru; to name a few. These projects will further strengthen our market position and aid in delivering exceptional value to our customers and stakeholders."

Shares of Prestige Estates Projects Limited was last trading in BSE at Rs. 1767.70 as compared to the previous close of Rs. 1781.25. The total number of shares traded during the day was 31544 in over 5027 trades.

The stock hit an intraday high of Rs. 1800.05 and intraday low of 1750.50. The net turnover during the day was Rs. 55816279.00.

Source : Equity Bulls

Keywords

PrestigeEstatesProjects INE811K01011 Realty Q1FY2025 OperationsUpdate