: India’s leading real estate developer, Prestige Estates, has announced its results for the Q1FY23. During Q1FY23, the Group registered sales of ₹30,121 mn, up 310% YoY, and has clocked collections of ₹21,464 mn, up 110% YoY. The sales is attributed to 3.63 mn sft of volume with an average realization of ₹8309/sft. Prestige Group sold a total of 2564 units in the quarter, which amounts to 28 units sold per day.
Summarized financial results and operational performance for the quarter Q1FY23 are as follows: –
Financial Results:
During Q1FY23, the company registered the following Financial Results:
- Revenueof ₹20,118 mn, up 42% YoY (Q1 FY22 Revenue: ₹14,180 mn)
- EBITDAof ₹5,350 mn, up 49% YoY (Q1 FY22 EBITDA: ₹3,585 mn)
- PATof ₹2,511 mn, up 210% YoY (Q1 FY22 PAT: ₹810 mn)
- EBITDAand PAT margins were at 26.59% and 12.48%, respectively.
- Debtequity ratio at 0.40x; Total consolidated net debt stood at ₹39,190 mn.
Operational Performance:
During Q1FY23 the company achieved the following Operational Performance:
- Salesachieved at ₹30,121 mn, up 310% YoY
- Sales volume achieved at 3.63 mn sft volume with an average realization of ₹8,543/sf forResidential & Commercial, ₹3,796/sf for Plotted Development (overall average ₹8309/sft)
- Collectionsclocked in the quarter at ₹21,464 mn, up 110% YoY
- Duringthe quarter Q1FY23, four projects were launched spanning 9.67 mn sft, viz Prestige Tech Forest, Prestige Waterfront, The Prestige City Meridian Park Phase II in Bangalore; and the Prestige City Mulund Bellanza in Mumbai.
- Threeprojects totaling 0.78 mn sft – Prestige Woodland Park, Prestige Metropolitan, and Prestige D’Art were completed during the quarter.
Expressing his delight in this steady quarterly performance, Mr. Irfan Razack, Chairman and Managing Director, Prestige Group said, “We are delighted as we review the robust performance of Q1FY23. We are happy to see the contribution of our newly launched projects in Mumbai to our overall numbers and are optimistic about the increasing value they will be adding in the upcoming quarters. Overall, we are in a great position with a strong pipeline of new launches in the coming quarters, across various geographies and segments, which will continue to add to our strong sales performance and overall growth.”
Commenting on the results, Mr. Venkat K Narayana, Chief Executive Officer, Prestige Group said, “We are happy to continue our strong performance of FY22 into the first quarter of FY23. We are well positioned to yet again achieve another steady overall performance during the FY23, with the first quarter setting the right momentum. In Mumbai alone, we achieved almost 25% of Q1FY23 sales. We continue to thrive on our performance and have close to ~15mn sft of new launches in the upcoming quarters this year. Multiple launches are planned in geographies outside of Bangalore, such as Hyderabad, Mumbai, and Noida.
