Prestige Estates Surges Forward with 95% Profit Boost

Prestige Estates Projects Ltd saw a 95% increase in net profit to Rs 457.4 crore in Q2 due to higher revenues and reduced expenses. The company attributes its strong performance to robust sales and strategic growth initiatives, driven by customer trust and a diverse project portfolio.

Prestige Estates Projects Ltd has announced a remarkable 95 per cent surge in its consolidated net profit, reaching Rs 457.4 crore for the September quarter. This growth stems from a combination of increased income and reduced expenses.

The real estate giant, whose net profit was Rs 234.6 crore in the same quarter last year, saw its total income rise to Rs 2,697.8 crore this fiscal year. This marks a significant rise from Rs 2,423.8 crore in the corresponding period of the previous year, as per the company's regulatory filing dated Wednesday.

Irfan Razack, the Chairman and Managing Director of Prestige Group, highlighted the firm's consistent financial and operational achievements. He emphasized the robust sales momentum and strong cash flows, reflecting the confidence that buyers and investors have in the Prestige brand. With a strategic plan for timely project delivery and expansion into key markets, the Prestige Group remains on a solid growth path.

(With inputs from agencies.)