Prestige Estates Projects Q2 Results: Profit Falls 74%, Pre-Sales Down 43%
Prestige Estates' revenue rose 3% to Rs 2,304.4 crore in the second quarter.
Prestige Estates Projects Ltd.'s consolidated net profit fell 74% in the second quarter of the current financial year due to deferred tax impact of Rs 106 crore.
The real-estate developer's profit declined to Rs 234.6 crore in the quarter ended September in comparison to Rs 910.3 crore in the year-ago period, according to an exchange filing on Tuesday.
Prestige Q2 FY25 Earnings Highlights (Consolidated, YoY)
Revenue up 3% to Rs 2,304.40 crore versus Rs 2,236.4 crore.
Net profit down 74% to Rs 234.6 crore versus Rs 910.3 crore.
Ebitda up 7% to Rs 631.3 crore versus Rs 592.5 crore.
Margin at 27.4% versus 26.5%.
Recognised deferred tax impact Rs 106 crore in current quarter due of removal of indexation benefit on capital gains.
Other Key Highlights
Sales
Prestige Estates recorded a 43.3% decline in pre-sales to Rs 4,022.6 crore during Q2 FY25 as against Rs 7,092.6 crore during Q2 FY24.
Sales volume during the quarter was 3 mn sft as against 6.84 mn sft in the quarter.
1,366 units were sold during Q2 FY25, bringing the total units sold during H1 FY25 to 2,730 units.
Collections
The sales collections for the quarter stood at Rs 27,373 mn, up by 4% year over year.
During the first half of the year, the sales collections totalled to Rs 5,653.4 crore, up by 5% yoy.
Average realisation rates
The average realisation during Q2 FY25 was Rs 13,782 per sft for apartments, villas, and commercial spaces, up by 33% year over year.
During H1 FY25, the same was Rs 13,010 per sft, up 26% yoy.
Plots saw an average realisation of Rs 6,654 per sft during Q2 FY25 compared to Rs 6,753 per sft realised during Q2 FY24 and an average of Rs 7,179 per sft during H1 FY25, up 49% YoY.
Shares of Prestige Estates closed 2.81% lower at Rs 1,606 apiece on the BSE, as compared to a 0.45% advance in the benchmark Sensex.
