Prestige Estates Projects Q1 profit down 13% to Rs 232.6 cr

New Delhi: Realty firm Prestige Estates Projects has reported a 13 per cent decline in its consolidated net profit to Rs 232.6 crore in the June 2024 quarter on higher expenses.

Its net profit stood at Rs 266.9 crore in the year-ago period.

Total income rose to Rs 2,024.5 crore in the April-June period of 2024-25 fiscal year from Rs 1,966.3 crore in the corresponding period of the previous year, according to a regulatory filing on Wednesday.

Last month, Prestige Estates Projects Ltd reported a 23 per cent decline in its sale bookings to Rs 3,029.5 crore in the first quarter of this fiscal on lower volumes due to delay in launches of new projects.

Its sale bookings stood at Rs 3,914.7 crore in the year-ago period.

The company sold 2.86 million square feet in April-June against 3.83 million square feet in the corresponding period of the previous year.

The average realisation was Rs 11,934 per sq ft for apartments, villas and commercial spaces, up by 16 per cent year-on-year (YoY). Plots saw an average realisation of Rs 7,285 per sq ft, up by 46 per cent YoY.

"We are pleased with our performance in Q1 FY25, which reflects our robust market presence. Despite the lag in approvals and project launches during the election period, we still crossed a commendable sales figure of Rs 3,000 crore," the company's CMD Irfan Razack had said.

The company maintained a healthy mix of sales from its top geographies -- Bengaluru (43 per cent), Hyderabad (32 per cent) and Mumbai (23 per cent).

"In the upcoming quarters, we look forward to launching an extensive pipeline of projects across diverse geographies," Razack had said.

Prestige Group, one of the leading real estate developers in the country, builds residential, office, retail, hospitality and warehouse projects.

The Group has completed 300 projects spanning a developable area of 190 million square feet.