Prestige Estates Q1 profit plunges 99 pc to Rs 1.6 cr

Realty firm Prestige Estates Projects has reported a 99 per cent decline in its consolidated net profit at Rs 1.6 crore for the quarter ended June on lower income amid coronavirus pandemic. In the last financial year, the Bengaluru-based firm had posted a net profit of Rs 403.1 crore on a total revenue of Rs 8,243.3 crore.

Realty firm Prestige Estates Projects has reported a 99 percent decline in its consolidated net profit at Rs 1.6 crore for the quarter ended June on lower-income amid coronavirus pandemic. Its net profit stood at Rs 115.3 crore in the year-ago period.

Total income fell to Rs 1,296.3 crore in the first quarter of 2020-21 fiscal from Rs 1,567.4 crore in the corresponding period of the previous year, according to a regulatory filing. In the last financial year, the Bengaluru-based firm had posted a net profit of Rs 403.1 crore on total revenue of Rs 8,243.3 crore. "Due to the lockdown announced by the government, the group's operations were slowed down/ suspended for part of the current (April-June) quarter, and accordingly the accompanying financial results are adversely impacted and not fully comparable with those of the earlier periods," the filing said.

Meanwhile, sources had earlier said that the Prestige group was in advanced discussion with global investment firm Blackstone to sell its various commercial assets for an estimated Rs 12,000-13,500 crore as part of its strategy to clear debt and achieve future growth.

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