Bengaluru-based listed real estate firm Prestige Group clocked Rs 7092.6 crore in sales, up by 102 percent year-on-year (YoY), in the quarter that ended on September 30, according to a regulatory filing on October 6.
In H1 of 2023, the company registered sales of Rs 11,007.3 crore, up by 69 percent YoY and customer collections of Rs 5,380.6 million, up by 13 percent YoY.
During this period, the company developed 10.7 million square feet (msf) with an average realization of Rs 10,338 per sq ft for apartments and villas. The average realization touched Rs 4,825 per sq ft for the plot sales. The group sold 5,935 units during H1 FY24.
During the first half of the year FY24, the new launches stood at 16.20 msf. The total completions during the half year stood at 8.11 msf.
Operational results
In Q2 FY24, the quarterly collections stood at Rs 2639.8 crore, up by 1 percent YoY.
The company sold 6.84 msf, up by 50 percent YoY with an average realization of Rs 10,369 per sq ft of apartments and villas. The average realization of plot sales stood at Rs 6,753 per sq ft.
The group sold 3,659 units during Q2 FY24 spanning 13.10 msf across Bengaluru and Hyderabad.
"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," Irfan Razack, Chairman and Managing Director, Prestige Group said.
Currently, the company plans to launch up to 18 msf of residential property in FY24 with a sales value of more than Rs 16,000 crore.
"The upcoming launches will be taking place in Bengaluru, Hyderabad, Mumbai, Chennai and Kochi,” Venkat K Narayana, chief executive officer, previously told Moneycontrol. For the residential segment, the company plans to foray into Delhi-NCR within Q4 of FY24 or early FY25, he added.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
