Prestige Estates Projects declined 2.35% to Rs 1,751.70 after the company said that its sales stood at Rs 4,022.6 crore in Q2 FY25, registering de-growth of 43.28% YoY.
The companys collections advanced 4% YoY to Rs 2,737.3 crore in second quarter of FY25.
During the quarter, area sold declined by 56.14% YoY to 3 million square feet while the company sold 1,366 units in Q2 FY 25.
The company completed 2 projects spanning 3.03 million square feet in Q2 FY25.
On half year basis, the sales sum up to Rs 7,052.2 crore, down 35.93% from Rs 11,007.3 crore reported in H1 FY24. Sales volume slipped 44.99% YoY to 5.87 mn sft while average realization was up 26% to Rs 13,010 per sft in H1 FY25.
Irfan Razack, chairman and managing director, Prestige Group, said: We are pleased with our steady performance in Q2 FY25, driven by a healthy mix of sales across our key geographiesBengaluru at 51%, Mumbai at 26%, and Hyderabad at 21%. Notably, our newly launched projects during Q2, Prestige Raintree Park and Prestige Forest Hills Mulund, have contributed significantly, accounting for more than 50% total sales.
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As we move forward, the next two quarters are expected to deliver substantial growth with several major launches in the pipeline. Notable projects such as The Prestige City Indirapuram and Prestige Bougainvillea in NCR, Prestige Southern Star in South Bengaluru and Prestige Sunset Park (a plotted development in North Bengaluru), Prestige Nautilus in Mumbai, Prestige Pallava Gardens in Chennai, Prestige Spring Heights and Prestige Rock Cliff in Hyderabad, and Prestige Seascapes and Prestige Bayfront in Goa will play a crucial role in driving momentum. These upcoming launches are poised to scale up the performance and set the stage for a strong finish to FY25.
Prestige Group has a diversified business model across residential, office, retail, and hospitality segments with operations in 12 key locations in India.
The companys consolidated net profit fell 12.85% to Rs 232.6 crore in Q1 FY25 as against Rs 266.9 crore recorded in Q1 FY24. Revenue from operations grew 10.78% year on year (YoY) to Rs 1,862.1 crore in the quarter ended 30 June 2024.
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