Prestige Estates Reports 13% Drop in Q1 Net Profit Amid Higher Expenses

Prestige Estates Projects reported a 13% decrease in consolidated net profit to Rs 232.6 crore in Q1 FY25, compared to Rs 266.9 crore last year. Total income rose to Rs 2,024.5 crore. Sale bookings also declined by 23% to Rs 3,029.5 crore due to project launch delays.

Real estate giant Prestige Estates Projects has announced a 13% drop in its Q1 consolidated net profit, amounting to Rs 232.6 crore, against last year's Rs 266.9 crore. This decline is attributed to higher expenses.

Total income for the April-June quarter of fiscal year 2024-25 increased to Rs 2,024.5 crore from Rs 1,966.3 crore in the same period last year, as per the company's regulatory filing on Wednesday.

Despite the delay in new project launches causing a 23% drop in sale bookings to Rs 3,029.5 crore, the company's CMD, Irfan Razack, expressed optimism for the upcoming quarters, highlighting a strong sales performance of Rs 3,000 crore amidst market challenges.

(With inputs from agencies.)