Indian Real Estate Giant Prestige Estates Projects Sees 12% Dip in Net Profit
The Indian real estate sector, particularly in the premium segment, continues to grow despite inflationary pressures, although Prestige Estates Projects' Q1 results show a decline in net profit.
Indian Real EstatePrestige Estates ProjectsHousing MarketPremium SegmentNet ProfitReal Estate NewsJul 31, 2024
Despite the decline, the premium segment of the housing market has shown resilience, with higher-end buyers remaining unfazed by inflationary pressures. In fact, Mumbai-based Oberoi Realty reported an 82% profit jump in the June quarter, driven by sustained demand for luxury projects.
Prestige Estates Projects sold 1,364 units during the quarter, marking a 40% decline year on year. The company's performance was affected by lower sales and fewer launches, leading to a decline in its net profit. However, the company remains optimistic about the long-term prospects of the Indian real estate sector.
Prestige Estates Projects is a leading Indian real estate developer with a presence in several cities, including Bangalore, Chennai, Hyderabad, and Mumbai. The company has developed several iconic projects, including residential, commercial, and hospitality developments.Prestige Estates Projects is a trusted name in the Indian real estate sector, known for its commitment to quality, innovation, and customer satisfaction.
Frequently Asked Questions
What was the net profit of Prestige Estates Projects in Q1?
The company's consolidated net profit fell by 12% to Rs 233 crore for the quarter ended June 30.
What was the reason for the decline in net profit?
The decline was due to lower sales and fewer launches, leading to a slump in sales for the company.
How did the premium segment of the housing market perform?
The premium segment showed resilience, with higher-end buyers remaining unfazed by inflationary pressures.
What was the performance of Oberoi Realty in the June quarter?
Oberoi Realty reported an 82% profit jump in the June quarter, driven by sustained demand for luxury projects.
What is the outlook of Prestige Estates Projects for the Indian real estate sector?
The company remains optimistic about the long-term prospects of the Indian real estate sector.
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