Prestige Estates Navigates Decline Amid Optimistic Outlook

Prestige Estates Projects Ltd reported an 85% drop in Q3 profits to Rs 17.7 crore due to decreased income. Despite no new launches, sales reached Rs 3,013.5 crore with strong pricing. The firm is optimistic about upcoming project launches, anticipating significant sales growth.

Real estate titan, Prestige Estates Projects Ltd, reported an 85% decline in consolidated profit for the December quarter, recording Rs 17.7 crore compared to Rs 116.3 crore a year prior, citing lower income as a major factor.

The firm's total income fell to Rs 1,697.9 crore from Rs 1,970.5 crore in the same period of the previous year. Yet, Prestige Group secured sales of Rs 3,013.5 crore despite the lack of fresh launches, selling 2.23 million sq ft across 888 units with strong pricing at Rs 13,684 per sq ft.

Looking forward, Chairman Irfan Razack remains optimistic, noting several projects nearing approval, poised to launch soon and anticipated to reinvigorate sales volumes. Prestige's vast operations include completed, ongoing, and planned projects spanning significant areas across multiple sectors.

(With inputs from agencies.)