Prestige Estates Projects Sees 13% Dip in Q1 Profit to Rs 232.6 Cr
Prestige Estates Projects, a leading real estate company, reported a 13% decline in its net income to Rs 232.6 crore in the quarter ended June 2024, owing to increased expenses.
Prestige Estates ProjectsReal EstateNet IncomeProfitRevenueSales BookingsReal EstateAug 01, 2024
Despite the drop in profit, the company's total revenue increased to Rs 2,024.5 crore in the April-June quarter of the 2024-25 fiscal year, up from Rs 1,966.3 crore in the same period of the previous year. The company's sales bookings, however, saw a 23% decline to Rs 3,029.5 crore in the first quarter of this financial year, due to reduced volumes resulting from delays in launching new projects.
The average selling price of apartments, villas, and commercial spaces rose 16% to Rs 11,934 per square foot. Plots saw a significant 46% year-on-year increase, reaching an average sale price of Rs 7,285 per sq ft. Irfan Razack, CMD of Prestige Estates Projects, expressed satisfaction with the company's Q1 FY25 performance, which demonstrated its strong market position. He noted that despite delays in approvals and project starts during the election period, the company achieved an impressive sales figure of Rs 3,000 crore.
Frequently Asked Questions
What was Prestige Estates Projects' net income in the quarter ended June 2024?
Rs 232.6 crore
What was the reason for the decline in Prestige Estates Projects' profit?
Increased expenses
What was the total revenue of Prestige Estates Projects in the April-June quarter of the 2024-25 fiscal year?
Rs 2,024.5 crore
Why did Prestige Estates Projects' sales bookings decline in the first quarter of this financial year?
Reduced volumes due to delays in launching new projects
What is Prestige Group's business profile?
Prestige Group is a top real estate developer in the nation, constructing residential, office, retail, hospitality, and warehouse developments. The Group has completed 300 projects covering a total area of 190 million square feet.
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