Bengaluru-based real estate firm Prestige Group reported robust financial performance for the quarter ending on September 30, 2023. According to a regulatory filing on October 6, the company achieved sales of Rs 7,092.6 crore, marking a remarkable increase of 102 percent year-on-year (YoY).
In the first half of 2023, Prestige Group registered sales of Rs 11,007.3 crore, a substantial YoY growth of 69 percent. Customer collections also saw a positive trend, reaching Rs 5,380.6 million, reflecting a YoY increase of 13 percent.
During this period, the company successfully developed 10.7 million square feet (msf) of real estate, with apartments and villas commanding an average realization of Rs 10,338 per sq ft. Meanwhile, plot sales achieved an average realization of Rs 4,825 per sq ft. Notably, the group sold 5,935 units during H1 FY24.
Further, in the first half of the fiscal year 2024, Prestige Group launched a significant 16.20 msf of new projects, while total completions stood at 8.11 msf.
In Q2 FY24, the company recorded quarterly collections of Rs 2,639.8 crore, marking a slight YoY increase of 1 percent. The real estate giant sold 6.84 msf of properties during the quarter, demonstrating a notable 50 percent YoY growth. Apartments and villas achieved an average realization of Rs 10,369 per sq ft, while plot sales realized an average of Rs 6,753 per sq ft. The group successfully sold 3,659 units during this period, spanning 13.10 msf across Bengaluru and Hyderabad.
Irfan Razack, Chairman and Managing Director of Prestige Group, expressed optimism about the company’s future prospects, stating, “In just the first six months of FY24, we have achieved sales of Rs 11,007 crore, which is close to the sales of the entire 12 months of FY23 of Rs 12,931 crore. With a promising pipeline of projects like Prestige Ocean Towers at Marine Lines, Mumbai; Prestige City Hyderabad- Apartments; Prestige Pallava Gardens in Chennai, etc., we are poised for continued growth throughout the rest of the year.”
Looking ahead, Prestige Group plans to launch up to 18 msf of residential properties in FY24, with an estimated sales value exceeding Rs 16,000 crore. These upcoming launches will be concentrated in key cities including Bengaluru, Hyderabad, Mumbai, Chennai, and Kochi. Additionally, the company is set to expand into the Delhi-NCR region within Q4 of FY24 or early FY25, further diversifying its presence in the residential segment.
Prestige Group’s impressive performance underscores its resilience and growth prospects in the competitive real estate market.