Prestige Estates Projects: Finding its feet

The stock of Bengaluru-based realty player, Prestige Estate Projects, was down by around 12 per cent in the last one month. The December quarter results were largely below market estimates. But the company recorded strong (pre) sales value and volume growth of 75 and 58 per cent Y-o-Y, respectively. The rental income grew 14 per cent Y-o-Y.

During the quarter, the company was able to deliver seven million sq ft (one million sq ft in the same period last year) and launched three new projects of 1.56 million sq ft and one residential project. The average realisation per sq ft was around ₹7,565.

 

However, the company was able to launch 3.6 million sq ft of new projects for the year versus the guidance of 10 million sq ft for FY19. Delay in approvals has led to postponement of project launches.

The revenue and profit stood at ₹1,077 crore and ₹67 crore, respectively.

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