Prestige Estates Projects rose 3.04% to Rs 230.20 at 13:12 IST on BSE after the company reported 29% increase in its sales bookings at Rs 1486 crore in Q2 September 2014 over Q2 September 2013.
The announcement was made before trading hours on Thursday, 16 October 2014. Shares of Prestige Estates Projects fell 0.49% to Rs 223.40 in a weak market on that day.
Meanwhile, the BSE Sensex was up 123.79 points, or 0.48%, to 26,123.13.
On BSE, so far 39,000 shares were traded in the counter, compared with an average volume of 22,371 shares in the past one quarter.
The stock hit a high of Rs 236 and a low of Rs 221.65 so far during the day. The stock hit a 52-week high of Rs 270 on 11 July 2014. The stock hit a 52-week low of Rs 123.35 on 13 November 2013.
The stock had outperformed the market over the past one month till 16 October 2014, falling 1.43% compared with 1.86% fall in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 10.26% as against Sensex's 1.76% rise.
The mid-cap company has an equity capital of Rs 375 crore. Face value per share is Rs 10.
Prestige Estates Projects said it sold 1,375 residential units and 0.21 million square feet of commercial space, aggregating to 2.45 million square feet amounting to Rs 1486 crore of sales, up by 29% from that of Q2 September 2013. (Of this, Prestige share is 1,259 units-2.16 million square feet amounting to Rs 1289.30 crore of sales, up by 21% from that of Q2 September 2013).
Total collections for the quarter aggregated to Rs 961.20 crore, up by 34% as compared to the corresponding Q2 September 2013. (Prestige share of collections for the quarter aggregated to Rs 810.10 crore, up by 31% as compared to the corresponding Q2 September 2013).
In the second quarter of this fiscal, Prestige Estates has launched three housing projects across Bangalore aggregating to 2.78 million square feet of total developable area.
It delivered two residential projects and three commercial projects in Bangalore and one retail project in Hyderabad aggregating to 2.94 million square feet.
Prestige said that the company would achieve the sales booking targets for the current fiscal.
Prestige has set a target of Rs 5000 crore of sales bookings in the year ending March 2015, of which it has already achieved sales bookings of Rs 2893 crore as on 30 September 2014.
The company has set a target of 14-16 million square feet of launches and 10-12 million square feet of delivery in this financial year.
The company said it is committed to accelerate its sales, collections and launches over the coming quarters and coupled with the numbers achieved so far this fiscal, it is well on track to achieve targets set for the year ending March 2015.
Net profit of Prestige Estates Projects rose 20.06% to Rs 104.04 crore on 13.38% rise in net sales to Rs 562.02 crore in Q1 June 2014 over Q1 June 2013.
Prestige Estates Projects is one of the leading real estate development companies operating in the southern part of the country and more specifically in Bangalore.
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