Profits expected to grow in next few quarters, Prestige Group CMD Irfan Razack tells Anil Singhvi

While businesses are suffering amid the coronavirus pandemic situation, the silver lining is that the company has not incurred losses, though the profits are down, Prestige Group Chairman and Managing Director Irfan Razack told Zee Business Managing Editor Anil Singhvi in an exclusive interview. 

Reazack said that he expected profits to grow within the next few quarters. In the ongoing quarter (July-September), the sales are likely to double from the June quarter, he added. People are not only buying houses, they are buying big houses and are also committing themselves to buying, the CMD said adding that this was in line with the expectations of the company.

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  The company is based in Bengaluru and has projects across the country. 

He further said that the migrant workers are now returning back and the company has been able to mobilise the labour force. Around 70 per cent are back now and the company will be able to work at full capacity by September. 

On the quarterly results, Singhvi said that the income and operating profits coming down by only 17 per cent for a real estate company under the current circumstances, shows the strength of the company. 

On the question whether the company was planning to sell its commercial assets, Razack said that it is important to think what is best for the company and one should not be too attached to the assets. Talks are ongoing with many private equity funds. The company has been thinking on these lines with an objective to get a good deal. A thought is being given on getting a proposal to buy all the assets at a price that removes company’s debts and makes it cash rich.

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Still no decision has been taken in this regard, the CMD said. As and when the decision is taken, it will be conveyed to the exchanges.