Prestige Estates Q2 Results: Profit And Revenue Rises, Beats Estimates
Its other income rose to Rs 1,019 crore from Rs 47 crore.
Prestige Estates Projects Ltd.'s consolidated net profit increased to Rs 910 crore in the second quarter of fiscal 2024, beating analysts' estimates.
The real estate developer's profit rose significantly to Rs 910 crore, on the back of other income, as compared with 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.
Its other income rose to Rs 1,019 crore from Rs 47 crore. 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 (YoY)
Revenue rose 56.6% to Rs 2,236 crore vs Rs 1,427 crore (Bloomberg estimate: Rs 1,989.6 crore).
Ebitda up 61% at Rs 592 crore vs Rs 368 crore.
Ebitda margin at 26.4% vs 25.8%.
Net profit at Rs 910 crore vs Rs 148 crore.
During H1 FY24, the group registered its highest sales of Rs 11,007 crore (up by 69% YoY) and collections of Rs 5,380 crore (up by 13% YoY), the company said in its exchange filing last month.
It registered sales of Rs 7,092.6 crore (up by 102% YoY) during Q2 FY24 and quarterly collections of Rs 2,640 crore (up by 1% YoY).
Shares of Prestige Estates closed 1% lower at Rs 791 apiece ahead of its earnings announcement, as compared with a 0.03% decline in the benchmark Sensex. The stock has risen more than 68% year-to-date.
