Prestige Estates Q3 results: Profit rises marginally to Rs 165 crore

Realty firm Prestige Estates Projects Ltd has reported a marginal increase in its net profit to Rs 164.7 crore for the quarter ended December. Its net profit stood at Rs 161.7 crore in the year-ago period.

Total income, however, declined to Rs 1,970.5 crore in the third quarter of this fiscal year from Rs 2,347.5 crore in the corresponding period of the previous year, according to a regulatory filing on Wednesday.

On the performance during the third quarter and first nine months of this fiscal, Irfan Razack, Chairman and Managing Director, Prestige Group said, "We have crossed many milestones during the current period. The record sales, collections and successful launches affirm the customers' confidence and trust in our brand and our team's dedication, hard work and commitment."

Building on the momentum of delivering 12.23 million square feet during the first nine months of this fiscal, he said the company has already completed over 12 million square feet in the current quarter.

"With this feat, our total completions have crossed an impressive milestone of 300 projects spanning 188 million square feet. The past nine months we achieved a sales performance totalling over Rs 16,300 crore, an impressive 81 per cent increase," Razack said.

Venkat K Narayana, Chief Executive Officer, Prestige Group said, "With over 100 projects currently in our pipeline, spanning across 170+ million sq ft across various cities and asset classes, we are poised for sustained expansion and growth in the upcoming years".

Prestige Group, one of the leading real estate developers in the country, has a legacy of over three decades in real estate development.

It has a diversified business model across various segments -- housing, office, retail, hospitality, property management and warehouses with operations in more than 12 major locations.

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