India’s leading real estate developer, Prestige Estates, has announced its update on operational performance for the quarter ending 30th September, 2022. During Q2 FY23, the Group has registered sales of ₹35,110 mn (up by 66% yoy) and collections of ₹26,029 mn (up by 68% yoy). The sales during this period is attributed to 4.55 mn sft volume with an average realization of ₹7711/sft. The first half of the year H1 FY23, the Group registered sales of ₹65,231 mn (up by 129% yoy) and collections of ₹47,493 mn (up by 85% yoy). The sales during this period is attributed to 8.18 mn sft volume with an average realization of ₹7976/sft.
During the quarter Q2 FY23, five projects were launched spanning 7.39 mn sft, viz The Prestige City Meridian Park- Phase-III and Prestige Park Drive- Phase-III in Bengaluru, Prestige Orchards in Hyderabad, Prestige Liberty Towers and The Prestige City Mulund- Bellanza Phase-II in Mumbai. Three projects totalling 2.58 mn sft – Prestige Park Drive – Phase I&II, Prestige Minsk Square and Forum Falcon City in Bengaluru were completed during the quarter. During the first half of the year H1 FY23 the new launches totalled 17.06 mn sft and completions 3.35 mn sft, respectively.
Summarized Operational Performance for the period Q2 FY23 is as under:-
Summarized Operational Performance for the period H1 FY23 (Apr-Sep 22) is as under:
Commenting on the performance, Mr. Irfan Razack, Chairman and Managing Director, Prestige Group said, “We are delighted to see continued robust sales numbers. The year has started really well and we have achieved numbers as per our plans. It is exciting to see great success of The Prestige City Projects in Bengaluru and Mumbai, which have received tremendous response. We have great momentum going and spirits are high within the team, to achieve our next level of growth. We are excited to see new launches from various geographies, which will be contributing to sales in the quarters to come.”
Expressing his views on the performance, Mr. Venkat K Narayana, Chief Executive Officer, Prestige Group remarked, “Happy to report yet another strong quarter, we achieved sales of ₹35,110 mn (66% yoy) in Q2 FY23 and ₹65,231 mn in H1 FY23 (129% yoy) and well on our way to surpass last year’s performance. We sold 3210 units this quarter translating to 36 Prestige homes / units sold on an average every day. We have successfully emerged as strong and credible brand in the country and endeavour to expand our presence and take the Prestige legacy to newer geographies and markets.”
About Prestige Group:-
Prestige Group, one of the leading real estate developers in the country, has legacy of over three decades in real estate development. It has diversified business model across various segments, viz Residential, Office, Retail, Hospitality, Property Management and Warehouses with operations in more than 12 major locations in India. The Group has completed 271 projects spanning developable area of 151 mn sft and has 48 ongoing projects across segments, with total developable area of 75 mn sft. Further, it is planning 51 projects spanning 84 mn sft and holds a land bank of over 375 acres as of Jun-22. The company has been graded CRISIL DA1 by CRISIL and also enjoys credit rating of ICRA A+.
