Prestige Estates shares tank nearly 6 per cent on Q1 result

On Thursday, it reported 58 per cent fall in consolidated net profit at Rs 47.79 crore for the quarter ended June on lower sales

Shares of realty firm Prestige Estates Projects on Thursday fell by nearly 6 per cent after the company reported 58 per cent fall in consolidated net profit for the quarter ended June.

The scrip went down by 4.76 per cent to settle at Rs 183.90 on the BSE. During the day, it slipped 5.48 per cent to Rs 182.50.

At the National Stock Exchange, shares of the company declined by 5.62 per cent to end at Rs 181.10.

Prestige Estates Projects on Thursday reported 58 per cent fall in consolidated net profit at Rs 47.79 crore for the quarter ended June on lower sales.

Its net profit stood at Rs 114.64 crore in the year-ago period, Bengaluru-based firm said in a regulatory filing.

Income from operations fell by 37 per cent to Rs 944.86 crore in the first quarter of this financial year (FY) from Rs 1,493.32 crore in the corresponding period of the previous FY.

Total Income decreased to Rs 971.35 crore for the quarter ended June from Rs 1511.86 crore in the year-ago period.