Prestige Estates Q3 Profit Plunges 85% on Lower Income

New Delhi, Jan 31 (PTI) Real estate firm Prestige Estates Projects Ltd on Friday reported an 85 per cent decline in consolidated profit to Rs 17.7 crore for the December quarter on lower income.

Its net profit stood at Rs 116.3 crore in the year-ago period.

Total income fell to Rs 1,697.9 crore in the third quarter of this fiscal year from Rs 1,970.5 crore in the corresponding period of the previous year, according to a regulatory filing.

"Despite the absence of new launches during the quarter, Prestige Group achieved sales of Rs 3,013.5 crore in Q3, FY25, with a total area of 2.23 million sq ft sold across 888 units. The company maintained strong pricing, with an average realisation of Rs 13,684 per sq ft, and recorded healthy collections of Rs 3,257.5 crore during the (December) quarter," the company said.

For the nine months ended December 31, 2024, the company reported total sales of Rs 10,065.7 crore, with 8.09 million sq ft area sold across 3,618 units. The average realisation for the period stood at Rs 13,128 per sq ft, while collections remained strong at Rs 8,910.9 crore.

Commenting on the performance, Prestige Estates CMD Irfan Razack said, "It was a modest quarter, with no launches and limited handovers due to local bottlenecks regarding e-khata. Despite this, we achieved Rs 3,000+ crores in sustenance sales, demonstrating the strength of our brand and product portfolio."

"We are optimistic about the upcoming launches. Several of our large projects are in the final stages of approval and are expected to be launched in the next few weeks. These high-velocity projects, located across prime geographies, should drive significant sales volumes and help us regain momentum," he added.

Prestige Group, one of the leading real estate developers in the country, has a diversified business model across various segments -- residential, commercial, retail, hospitality, property management and warehouses -- with operations in more than 13 major locations in India.

The group has completed 302 projects spanning a developable area of 193 million sq ft.

Further, Prestige Group has 59 projects under development across 101 million sq ft and 65 projects under planning across 96 million sq ft.