Prestige Estates Q4 profit jumps multi-folds to Rs 1,336 cr on asset sale

Prestige Estates on Tuesday reported a sharp increase in its consolidated net profit to Rs 1,336.3 crore for the quarter ending March, driven by monetisation of large portfolio of commercial assets.

Realty firm Prestige Estates Projects Ltd on Tuesday reported a sharp increase in its consolidated net profit to Rs 1,336.3 crore for the quarter ending March, driven by monetisation of large portfolio of commercial assets.

Its net profit stood at Rs 15.4 crore in the year-ago period.

Total income rose to Rs 2,360.6 crore in the fourth quarter of last fiscal from Rs 2,016.9 crore in the corresponding period of the previous year, the Bengaluru-based firm said in a regulatory filing.

The company made an exceptional profit of Rs 1,469.8 crore in the fourth quarter from monetisation of certain commercial assets.

For the full 2020-21 financial year, Prestige Estates clocked a net profit of Rs 1,456.2 crore as against Rs 403.1 crore in the previous year.

Total income fell to Rs 7,501.8 crore last fiscal from Rs 8,243.3 crore in the 2019-20 financial year.

In March this year, Prestige Estates Projects signed definitive agreements with global investment firm Blackstone to sell 12 assets/undertakings comprising completed office, retail and hotel properties in the first phase of Rs 9,160-crore deal.