India’sleadingrealestatedeveloper,PrestigeEstates,hasannouncedits resultsfortheQ1FY23.DuringQ1FY23,theGroupregisteredsalesof₹30,121mn,up310%YoY,andhasclockedcollectionsof₹21,464mn,up110%YoY.Thesalesisattributedto3.63mnsftofvolumewithanaverage realization of ₹8309/sft. Prestige Group sold a total of 2564 units in the quarter, which amountsto28unitssoldperday.
Expressing his delight in this steady quarterly performance, Mr. Irfan Razack, Chairman and ManagingDirector, Prestige Group said, “We are delighted as we review the robust performance of Q1FY23. Weare happy to see the contribution of our newly launched projects in Mumbai to our overall numbers
SummarizedfinancialresultsandoperationalperformanceforthequarterQ1FY23areasfollows: –
FinancialResults:
DuringQ1FY23,thecompanyregisteredthefollowingFinancialResults:
Revenueof₹20,118mn,up42%YoY(Q1FY22Revenue:₹14,180mn)
EBITDAof₹5,350mn,up49%YoY(Q1FY22EBITDA:₹3,585mn)
3. PATof₹2,511mn,up210%YoY(Q1FY22PAT:₹810mn)
EBITDAandPATmarginswereat26.59%and12.48%,respectively.
Debtequityratioat0.40x;Totalconsolidatednetdebtstoodat₹39,190mn.
OperationalPerformance:
DuringQ1FY23thecompanyachievedthefollowingOperationalPerformance:
Salesachievedat₹30,121mn,up310%YoY
Sales volume achieved at 3.63 mn sft volume with an average realization of ₹8,543/sf forResidential&Commercial,₹3,796/sfforPlottedDevelopment(overallaverage₹8309/sft)
Collectionsclockedinthequarterat₹21,464mn,up110%YoY
DuringthequarterQ1FY23,fourprojectswerelaunchedspanning9.67mnsft,vizPrestigeTech Forest, Prestige Waterfront, The Prestige City Meridian Park Phase II in Bangalore; and the PrestigeCityMulundBellanzainMumbai.
Threeprojectstotaling0.78mnsft-PrestigeWoodlandPark,PrestigeMetropolitan,andPrestige
D’Artwerecompletedduringthequarter.
andareoptimisticabouttheincreasingvaluetheywillbeaddingintheupcomingquarters.Overall,weareinagreatpositionwithastrongpipelineofnewlaunchesinthecomingquarters,acrossvarious
geographies and segments, which will continue to add to our strong sales performance and overallgrowth.”
Commenting on the results, Mr. Venkat K Narayana, Chief Executive Officer, Prestige Group said, “WearehappytocontinueourstrongperformanceofFY22intothefirstquarterofFY23.Wearewellpositionedto yet again achieve another steady overall performance during the FY23, with the first quarter settingtherightmomentum.InMumbaialone, weachievedalmost25%ofQ1FY23sales.Wecontinuetothriveonourperformanceandhavecloseto~15mnsftofnewlaunchesintheupcomingquartersthisyear.MultiplelaunchesareplannedingeographiesoutsideofBangalore,suchasHyderabad,Mumbai,andNoida.
