Prestige Estates Shares Hit Record High After Q2 Profit Beats Estimates
The company's Q2 consolidated net profit jumped 512.38% year-on-year to Rs 910 crore, beating Bloomberg estimate of Rs 235 crore.
Shares of Prestige Estates Ltd. rose over 7% to hit a record high on Wednesday after its second-quarter profit beats analysts' estimates.
The company's consolidated net profit jumped 512.38% year-on-year to Rs 910 crore in the quarter ended September from Rs 148.6 crore in the same quarter last year, according to an exchange filing on Tuesday. Analysts polled by Bloomberg had estimated a profit of Rs 235 crore.
The manifold rise in bottom line came on the back of surge in other income, which jumped to Rs 1,019 crore from Rs 47 crore in the year-ago period. The Bengaluru-based firm's expenses grew 48% to Rs 2,082 crore, as against Rs 1,408 crore year-on-year.
Prestige Estates Q2 FY24 Highlights (Consolidated, YoY)
Revenue rose 56.6% to Rs 2,236 crore. (Bloomberg estimate: Rs 1,989.6 crore).
Ebitda up 61% at Rs 592 crore.
Ebitda margin at 26.4% vs 25.8%.
Net profit at Rs 910 crore. (Bloomberg estimate: Rs 235 crore).
Shares of the company rose as much as 7.21%, before paring gains to trade 3.87% higher at 10:10 a.m., compared to a 0.13% advance in the NSE Nifty 50.
The stock has risen 77.73% on a year-to-date basis. Total traded volume so far in the day stood at 4.5 times its 30-day average. The relative strength index was at 73 suggesting the stock may be overbought.
Of the 20 analysts tracking the company, 18 maintain a 'buy' rating and two recommend a 'hold', according to Bloomberg data. The average 12-month analyst consensus price target implies a downside of 11.4%.