Prestige Q3 sales bookings fall 27% to Rs 429 crore

Realty firm Prestige Estates' sales bookings fell by 27 per cent to Rs 429.3 crore in the third quarter of this fiscal amid demand slowdown in property market post demonetisation.

The Bengaluru-based developer had achieved a sales booking of Rs 588.4 crore in the year-ago period, according to an investors presentation.

During April-December period of the 2016-17 fiscal, Prestige Estates Projects reported over 4 per cent decline in sales bookings at Rs 1,823.1 crore from Rs 1,908.7 crore in the corresponding period of the previous year.

The company had given a sales bookings guidance of Rs 3,500-4,000 crore for the entire 2016-17 fiscal, which it is unlikely to achieve. It had sold properties worth Rs 3,150 crore in the previous year.

On launches, the company informed that it has launched only 1.98 million sq ft in the first nine months of this fiscal, as against the target of 10-12 million sq ft for the full fiscal.

However, Prestige group has achieved the completion target with 11.08 million sq ft of area already completed against the target of 10-12 million sq ft.

The company is also likely to achieve the turnover target of Rs 4,000-4,500 crore for this fiscal as it has already reached 85 per cent level with total revenues of Rs 3,398.4 crore in the first three quarters of 2016-17.

Its net debt stood at Rs 5,136.3 crore at the end of December quarter.

Prestige Estates is currently developing 60 projects, of which 45 are housing, with 61.33 million sq ft of developable area. It has 36 projects in the pipeline comprising of 47.23 million sq ft of developable area.

That apart, the company has a land bank of about 42 million sq ft.

Prestige group's net profit fell to Rs 68.3 crore for the quarter ended December from Rs 278.93 crore in the year-ago period. Total income increased to Rs 1,253.52 crore from Rs 1,252.44 crore during the period under review.