Prestige Estates Projects hits all-time high on strong Q2 results

Prestige Estates Projects shares surged over 7 per cent in the morning deals on November 8 and hit an all-time high of Rs 853 apiece on the BSE. The buying interest in stock came a day after the company posted strong numbers for the July–September quarter (Q2FY24).

At around 9:50 a.m., shares of Prestige Estates traded 4.47 per cent or Rs 35.4, higher on the BSE at Rs 827.05 apiece. The market capitalisation of the company stood at Rs 33,153.26 crore.

Karnataka-headquartered real estate developer posted its Q2 results after market hours on Tuesday, wherein it reported six times growth in its profit after tax (PAT) year-on-year (YoY) at Rs 850.9 crore as against Rs 140.7 crore logged in the year-ago period.

The company logged revenue of Rs 2,236 crore as against Rs 1427.7 crore seen a year ago, which translates to an increase of 57 per cent. The earnings before interest, tax, depreciation, and amortisation (EBITDA) came in at Rs 592.5 crore as against Rs 368.6 crore in Q2 FY23, up 61 per cent. 

The company's margin, a key to measuring profitability, rose by 70 basis points (bps) to 26.6 per cent from 25.8 per cent registered a year ago.

Other income of the company stood at Rs 1,020 crore against Rs 47 crore in the corresponding quarter of the previous fiscal.

The company recorded its highest-ever quarterly sales of Rs 7,092 crore by selling 3,659 units.

In its filing, the company stated that it acquired 24 acres of land in Hyderabad with a development potential of 8 million square feet and a sales potential of Rs 6,500 crore.

Prestige Estates Projects share price: Past performance

In 2023 so far, shares of Prestige Estates have gained over 75 per cent as against the Nifty50's rise of over 6 per cent. 

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