Prestige Estates records sales at Rs.30,121 million

Prestige Estates reported sales of Rs 30,121 million, up 310% year-on-year and registered collections of Rs 21,464 million, up 110% year-on-year, as per the results of the first quarter of fiscal year 23. Prestige Group sold a total of 2,564 units in the quarter, This equates to 28 units sold per day. Sales are attributable to 3.63 million square feet of volume with an average realization of Rs 8,309 per square foot.

Financial indicators for the first quarter of the fiscal year 2023

  • Revenue was Rs.20,118 million, up 42% YoY against revenue of Rs.14,180 million in Q1 FY22
  • With EBITDA margin of 26.59% – EBITDA of Rs.5,350 million, up 49% YoY versus EBITDA of Rs.3,585 million in Q1 FY22
  • With PAT Margin at 12.48% – Profit After Tax (PAT) Rs.2511 million, up 210% YoY against Rs.810 million in Q1 FY22
  • Debt Equity Ratio at 0.40 times; The total consolidated net debt amounted to Rs.39,190 million.

The most prominent operational achievements for the first quarter of the fiscal year 2023

  • Sales achieved 30,121 million rupees
  • Collections worth Rs.21,464 million have been realized
  • Sales volume achieved at 3.63 million sq ft with average realization of Rs 8,543 for residential and commercial, Rs 3,796 per sq ft for planned development (gross average Rs 309 per square foot)
  • During the first quarter of fiscal year 23, four projects were launched spanning 9.67 million square feet of Prestige Tech Forest, Prestige Waterfront, The Prestige City Meridian Park Phase II in Bangalore and Prestige City Mulund Bellanza in Mumbai.
  • During the first quarter of fiscal year 23, three projects were completed totaling 0.78 million square feet – Prestige Woodland Park, Prestige Metropolitan, and Prestige Dart.

Irfan Razak, Chairman and Managing Director, Prestige Group, said: β€œWe are pleased to see the contribution of our newly launched projects in Mumbai to our overall numbers and we are optimistic about the increased value they will add in the coming quarters. Overall, we are in a great position with a strong portfolio of New launches in the coming quarters, across different geographies and sectors, which will continue to add to our strong sales performance and overall growth.”

Venkat K Narayana, CEO of Prestige Group, added: β€œIn Mumbai alone, we generated nearly 25% of Q1 FY23 sales. We continue to thrive on our performance and have close to 15 million square feet of new launches in the coming quarters. From this year. Multiple launches are planned in geographies outside Bangalore, such as Hyderabad, Mumbai and Noida.”

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