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Last Updated : Jan 27, 2020 04:37 PM IST | Source: PTI

Prestige Estates Q3 profit jumps over two-fold to Rs 162 cr

The board of directors has allotted 1,34,41,654 equity shares of Rs 10 each to an investor, on a preferential allotment basis, at a price of Rs 325 per equity share.

 
 
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Realty firm Prestige Estates Projects Ltd has reported over two-fold jump in consolidated net profit at Rs 161.8 crore for December quarter and raised Rs 437 crore through preferential allotment of shares to Singapore sovereign wealth fund GIC. Its net profit stood at Rs 58.1 crore in the year-ago period.

Total income from operations also rose sharply to Rs 2,696.3 crore during October-December of 2019-20 from Rs 1,079 crore in the corresponding period of the previous year, Bengaluru-based developer said in a regulatory filing.

The board of directors has allotted 1,34,41,654 equity shares of Rs 10 each to an investor, on a preferential allotment basis, at a price of Rs 325 per equity share.


Last month, the board had approved "issue and allotment of 1,34,41,654 equity shares at a price not less than floor price of Rs 323.22" on preferential basis to GAMNAT Pte Ltd, which is an affiliate of GIC.

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Prestige group announced development of 250 projects across India with completion of seven projects, including three housing and four commercial, across Bengaluru. The company last week launched a new township project Prestige Finsbury Park.

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"2020 has begun on an extremely positive note for us at Prestige Group as we announce the completion of 7 developments across Bengaluru. With these newly completed developments, we will have 250 landmark structures across India that stand as a testimony to our work," said Irfan Razack - CMD, Prestige Group.

"On a macro-level, this year, I expect to see greater optimism and trust in Indian real estate. And, of course, substantial growth, especially in the affordable and mid-income housing segments, courtesy the decline in home loan interest rates and the ‘Housing for All by 2022' initiative," he said in a statement.

Razack, former chairman of realtors' body CREDAI, asked the industry to adopt a more positive outlook, implement realistic pricing, foster greater trust, and tap into the amazing opportunities this year.

Prestige Group has diversified business models across the residential, office, retail, and hospitality segments with operations in 12 key locations in India. The group has 45 ongoing projects across segments, with total developable area of 49 million sq ft. Further, it has 66 million sq ft under planning and holds a land bank with potential developable area of over 29 million sq ft.

The consolidated turnover of the company during FY2018-19 was Rs 5,284 crore.
First Published on Jan 27, 2020 04:30 pm
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