 "Realty, Real Estate")
Real estate developer Prestige Estates Projects is looking to increase its annual sales by 25-30 per cent in the financial year 2024-25 (FY25), the management said in an investor’s call on Wednesday. The company reported a revenue of Rs 21,040 crore during FY24, a 63 per cent increase from Rs 12,931 crore during the same period last year.
The optimistic outlook comes even as the company reported a 70 per cent drop in the consolidated profit at Rs 140 crore during the quarter ending March 31 (Q4) due to lower income. The Bengaluru-based realty firm’s net revenue fell to Rs 2,232.5 crore in the fourth quarter as against Rs 2,938 crore in Q4FY23.
Prestige reported its highest ever annual collections of Rs 11,954 crore (revenue collected from tenants of a property over a one-year period), up 22 per cent. It has completed 300 projects and delivered 25 million square feet of area in FY24. It launched a total of 9.35 million square feet of properties in Q4.
Additionally, Prestige Estates signed a deal with ADIA Kotak AIF for Rs 2,001 crore for four projects in Bengaluru, Delhi, and Mumbai. The firm also acquired 62.5 acres of land at Indirapuram extension-NCR with a development potential of 10 million square feet and sales potential of Rs 10,000 crore. The project is poised to be launched sometime in August-September.
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“We are happy to announce our strong achievements in FY24 -- our record-breaking sales coupled with the highest ever annual collections, and area sold -- among other parameters, reflect the trust of our customers and dedication of our team,” said Irfan Razack, chairman and managing director, Prestige Group.
“The strategic initiatives, including significant acquisitions and successful partnerships, have not only contributed to our financial success but also strengthened our position as a leading real estate developer,” he added.
The management said it has about Rs 60,000 crore worth of launches in the pipeline, and these projects have been designed and locked in for approval.
