Prestige Estates Posts 12% Fall in Q1 Profit Amid Real Estate Slowdown
Real estate sector slowdown in approvals and project launches during election period affects Prestige Estates' Q1 results
Real EstatePrestige Estates ProjectsQ1 ResultsProfit DeclineLuxury ProjectsReal EstateJul 31, 2024
In its quarterly results, Prestige Estates reported a 12% fall in consolidated net profit to Rs 233 crore ($27.9 million) for the quarter ended June 30, marking its third consecutive quarterly profit decline. The company's sales also took a hit, with a 40% year-on-year decline in unit sales to 1,364 units during the quarter.
This slowdown in the real estate sector can be attributed to the delay in project approvals and launches during the election period. Despite this, some developers like Oberoi Realty have managed to sustain demand for luxury projects, reporting an 82% profit jump in the June quarter.
Prestige Estates, a renowned real estate developer in India, has a diverse portfolio of residential, commercial, and hospitality projects across the country. The company has established itself as a key player in the Indian real estate sector, known for its high-quality developments and customer-centric approach.
Prestige Estates Projects is a leading real estate developer in India, with a presence in multiple cities across the country. The company has a strong track record of delivering high-quality projects, and its portfolio includes residential, commercial, and hospitality developments.
Prestige Estates Projects is a prominent real estate developer in India, known for its commitment to quality and customer satisfaction. With a diverse portfolio of projects across the country, the company has established itself as a key player in the Indian real estate sector.
Frequently Asked Questions
What was the consolidated net profit of Prestige Estates Projects in Q1?
Rs 233 crore ($27.9 million)
What was the year-on-year decline in unit sales for Prestige Estates Projects in Q1?
40%
What was the reason for the slowdown in the real estate sector during the election period?
Delay in project approvals and launches
Which real estate developer reported an 82% profit jump in the June quarter?
Oberoi Realty
What is the portfolio of Prestige Estates Projects?
Residential, commercial, and hospitality projects across India
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