Prestige Estates Projects Sees 13% Decline in Q1 Profit to Rs 232.6 Cr
Prestige Group, a leading real estate developer in India, reports a 13% drop in Q1 profit to Rs 232.6 crore due to increased expenses. The company's revenue, however, rose to Rs 2,024.5 crore in the April-June quarter of the 2024-25 fiscal year.
Prestige Estates ProjectsReal EstateIndiaQuarterly ResultsProfit DeclineReal Estate MumbaiAug 01, 2024
The company had earlier reported a 23% decrease 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. In April-June this year, the company's sales stood at 2.86 million square feet, compared to 3.83 million square feet in the same period last year.
The average actual selling price of apartments, villas, and commercial spaces increased by 16% year-on-year to Rs 11,934 per square foot, while plots witnessed a 46% year-on-year increase to an average sale price of Rs 7,285 per square foot.Irfan Razack, CMD of Prestige Estates Projects, expressed satisfaction with the company's Q1 FY25 performance, citing its strong market position. Despite delays in approvals and project starts during the election period, the company achieved an impressive sales figure of Rs 3,000 crore.
The company balanced its sales evenly among its main locations - Bengaluru (43%), Hyderabad (32%), and Mumbai (23%).About Prestige Group\nPrestige Group is a leading real estate developer in India, engaged in the construction of residential, office, retail, hospitality, and warehouse developments. With over 300 projects covering a total area of 190 million square feet, the Group has established itself as a prominent player in the Indian real estate market.
Frequently Asked Questions
What was Prestige Estates Projects' net income in Q1 FY25?
Rs 232.6 crore
What was the reason for the decline in Prestige Estates Projects' profit in Q1 FY25?
Increased expenses
What was Prestige Estates Projects' revenue in Q1 FY25?
Rs 2,024.5 crore
What is Prestige Group's business?
Prestige Group is a leading real estate developer in India, engaged in the construction of residential, office, retail, hospitality, and warehouse developments.
What is the total area covered by Prestige Group's projects?
190 million square feet
Related News Articles
Rohan Builders Achieves Unparalleled Excellence with 14 Consecutive Years of CRISIL DA2+ Grading
Rohan Builders continues to maintain its prestigious DA2+ Developer Grading from CRISIL, demonstrating its commitment to excellence in financial and operational parameters.
Sebi Chief Remains Tight-Lipped on Real Estate Investment Trusts
REITs comprise a portfolio of commercial real estate assets, most of which are already leased out.
PGA of America Launches State-of-the-Art Golf Courses in Mumbai, Navi Mumbai, and Hyderabad
AIVOT Golf & Sports Management collaborates with Shapoorji Pallonji Real Estate, Stonecraft Group, and Tvastar Golf to introduce PGA of America-branded golf courses in Mumbai, Navi Mumbai, and Hyderabad, setting a new standard for golf excellence in India
Raymond Expands Real Estate Footprint with Mahim Project Deal
Raymond, in a strategic move, has signed a Joint Development Agreement for a prestigious residential project in the prime location of Mahim West, Mumbai.
Amrita Singh, Zaheer Khan Among Celebrities Investing in Mumbai's Luxury Real Estate
Amrita Singh and Zaheer Khan are among the latest celebrities making significant investments in Mumbai's luxury real estate market. Discover the trends and insights of these high-profile investments.
SP Group Raises $3.3 Billion from Five Funds to Boost Real Estate and Construction Projects
SP Group secures a significant $3.3 billion investment from five prominent funds, aimed at refinancing and expanding its real estate and construction projects. This strategic move will help the company solidify its position in the market and drive sustain