Reality Check: Prestige Estates - Sales pick up

The stock of realty player, Prestige Estate Projects, was up 25 per cent last week on the back of its strong September quarter results.

Solid new sales value and volume growth of 28 per cent and 45 per cent respectively in the second quarter of FY19 meant that the markets gave a thumbs-up to the numbers.

The average realisation per sq ft was healthy at ₹6,104 for the September quarter.

On the commercial front, the company’s rental income increased at a robust pace of 21 per cent Y-o-Y in the recent quarter. The leasing volume was also up 9 per cent Y-o-Y.

The company has met market estimates and reported a robust revenue growth of 20 per cent Y-o-Y. Profits grew by 13 per cent Y-o-Y in the second quarter of FY19. Despite the rally in the past one week, Prestige’s shares are still down about 40 per cent from their peak.

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