Prestige Estates Projects rose 1.25% to Rs 487.35 after the real estate developer registered highest quarterly sales of Rs 2111.90 crore and collections of Rs 1551.50 crore during Q2 September 2021 (Q2 FY22).
The company's sales rose 88% and collections jumped 35% in Q2 FY22 over Q2 FY21.In terms of volume, it sold 3.54 million square feet area in the second quarter compared with over 1.77 million sq. ft. area in the corresponding period of the previous year.
During the April-September period, Prestige Estates Projects registered sales of Rs 2845.80 crore, up 80% YoY and clocked collections of Rs 2573.80 crore, up 37% YoY.
Commenting on Q2/H1F22 performance, Irfan Razack, chairman, Prestige Group "We are delighted to announce our robust performance during Q2F22. Despite the challenging environment, Prestige has clocked highest quarterly sales and collections. The new sales were backed by the healthy response to our newly launched project, Prestige Great Acres and the existing inventories across geographies. Prestige Great Acres was sold out within one day of launch without any advertisement campaign."
On a consolidated basis, net profit of Prestige Estates Projects surged 3481.25% to Rs 57.30 crore on 11.16% increase in net sales to Rs 1415.80 crore in Q1 June 2021 over Q1 June 2020.
Prestige Group has diversified business model across residential, office, retail, and hospitality segments with operations in 12 key locations in India.
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