Prestige Estates Share Price Soars: Here's Why It's Nearing Its All-Time High
Get the latest update on Prestige Estates share price
Prestige EstatesReal EstateShare PriceTarget PriceStock MarketReal Estate NewsMay 31, 2024
The brokerage firm's optimistic outlook is driven by Prestige Estates' strong pre-sales outlook for FY25, despite a high base in F24. The company's strong launch pipeline and ready inventory are expected to contribute to its growth. However, the brokerage firm also raised concerns about the company's high gearing and low margin, which need to be tracked.
Prestige Estates recently reported a 70% decline in consolidated net profit at Rs 140 crore for the quarter ended March 2024, compared to Rs 468.4 crore in the year-ago period. Total income fell to Rs 2,232.5 crore in the quarter from Rs 2,938 crore in January-March FY23.
Despite the decline in profit, Prestige Estates recorded a 63% annual increase in sales booking for the last financial year at a record Rs 21,040 crore, driven by strong demand for its residential properties and higher average sales realization.
Prestige Estates is a leading real estate developer with a significant presence in Southern India. The company has been a major player in the Indian real estate market, with a focus on developing residential and commercial properties.
Prestige Estates is a well-established real estate developer with a strong track record of delivering high-quality projects. The company's commitment to excellence and customer satisfaction has earned it a reputation as one of the most trusted real estate brands in India.
Frequently Asked Questions
What is the target price of Prestige Estates shares?
The target price of Prestige Estates shares has been raised to Rs 1 770 from Rs 1 400 by a global brokerage firm
Why is Prestige Estates' share price surging?
The share price is surging due to the company's strong pre-sales outlook for FY25 driven by a strong launch pipeline and ready inventory
What are the concerns raised by the brokerage firm about Prestige Estates?
The brokerage firm has raised concerns about the company's high gearing and low margin which need to be tracked
What was Prestige Estates' net profit in the quarter ended March 2024?
Prestige Estates reported a 70% decline in consolidated net profit at Rs 140 crore for the quarter ended March 2024
What was the sales booking of Prestige Estates in the last financial year?
Prestige Estates reported a 63% annual increase in sales booking for the last financial year at a record Rs 21 040 crore
Related News Articles
Asian Development Bank Approves $42 Million Loan for Coastal Protection in Maharashtra
The Asian Development Bank (ADB) has approved a $42 million loan to support coastal protection and disaster resilience in Maharashtra. This initiative aims to enhance infrastructure and safeguard communities along the coast from the impacts of climate cha
Mumbai Sees Second-Highest Rise in Global Prime Property Prices Amid Strong Demand
Mumbai records second-highest rise in prime residential property prices globally, driven by robust demand for premium properties.
Dining at Malaka Spice Pune: A Culinary Journey from Farm to Fork
Experience the magic of Malaka Spice in Pune, where every dish is a testament to the restaurant's commitment to fresh, local ingredients and sustainable practices. Join us for a memorable evening under the soft glow of candlelight and the warmth of authen
Stock Market Slides on Monday with Real Estate, IT, Telecom, and Media Sectors Hit Hardest
The stock market opened on a negative note on Monday, with real estate, IT, telecom, and media stocks suffering the most significant declines.
RDB Infrastructure and Power Ltd. Bags Two Significant Contracts at Mumbai Airport
RDB Infrastructure and Power Ltd., a small-cap real estate company, has secured two significant work orders worth Rs 59 crore at Mumbai’s Chhatrapati Shivaji Maharaj International Airport (CSMIA).
Mumbai Police Takes Proactive Steps to Enhance Security Amid Potential Threats
In a bid to prevent any terrorist or anti-social activities, the Mumbai Police have issued a preventive order, directing landlords, property owners, and real estate dealers to furnish critical information.