New Delhi: Prestige Estates Projects, a real estate company, saw a 13 pc drop in its total net income to Rs 232.6 crore in the quarter ending June 2024 due to increased expenses. The company's profit in the same period last year was Rs 266.9 crore.
According to a regulatory filing on Wednesday, total revenue increased to Rs 2,024.5 crore in the April-June quarter of the 2024-25 fiscal year from Rs 1,966.3 crore in the same period of the prior year. In the previous month, Prestige Estates Projects Ltd disclosed a decrease of 23 per cent in its sales bookings to Rs 3,029.5 crore in the first quarter of this financial year, attributed to reduced volumes caused by delays in launching new projects. Its sales bookings were at Rs 3,914.7 crore in the previous year.
The company's sales in April-June this year were 2.86 million square feet compared to 3.83 million square feet in the same period last year. The mean actual selling price reached Rs 11,934 per square foot for apartments, villas, and commercial spaces, showing a 16 percent increase compared to the previous year. Plots experienced a 46 pc year-on-year increase, reaching an average sale price of Rs 7,285 per sq ft.
We are satisfied with our Q1 FY25 performance, demonstrating our strong market position. Even with delays in approvals and project starts during the election period, our company's CMD Irfan Razack stated that we achieved an impressive sales figure of Rs 3,000 crore. The company balanced its sales evenly among its main locations - Bengaluru (43 pc ), Hyderabad (32 pc ), and Mumbai (23 pc).
Prestige Group, a top real estate developer in the nation, constructs residential, office, retail, hospitality and warehouse developments. The Group finished 300 projects covering a total area of 190 million square feet.
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