Prestige Group Sales Jump 30% YoY At ₹39,147 Million

Prestige Estates on Wednesday announced its update on operational performance for the quarter ending 30th June 2023, exchange filing.

During the quarter, the Group registered sales of ₹39,147 million up by 30 per cent year-on-year and Collections of ₹27,408 million up by 28 per cent yoy. The sales during this period are attributed to 3.83 mn sft volume with an average realization of ₹10,244/sft with a jump of 20 per cent yoy for Apartments/ Villas/ Commercial Sales and ₹5,007/sft for Plot sales up by 32 per cent yoy. The Group sold 2276 units in Q1 FY24 spanning over 3.83 mn sft area.

During Q1 FY24, the group launched one new project of 3.12 mn sft in Bengaluru called Prestige Lavender Fields. The total completions during the quarter stood at 5.90 mn sft include four projects in Bangalore with three residential and one hospitality projects.

On the performance, Mr. Irfan Razack, Chairman and Managing Director, Prestige Group said, “We are pleased to announce a steady performance in the first quarter in line with our annual guidance. This achievement reflects our firm commitment to delivering exceptional value and quality to our customers. The consistent growth in sales is a testament to our strong market presence, robust operational capabilities and the dedication of our team. It reinforces our confidence in achieving our annual targets and sets a solid foundation for the remainder of the year."

He further added, "We completed and inaugurated 102 keys hospitality project “Mulberry Shades Nandi Hills Tribute Portfolio” right in the foothills of Nandi Hills, Bengaluru in Q1 and will be opening our retail mall “Forum Thomsun” at Kochi with a total development area of 1.02 mn sft in the coming quarter."

He also said, "As we continue to progress, we look forward to some significant launches in the upcoming quarter and throughout the rest of the year which will undoubtedly propel our growth and surpass the target we have set.”

Expressing his views on the performance, Mr. Venkat K Narayana, Chief Executive Officer, Prestige Group said, “We are happy to report strong operational numbers in the first quarter, with sales close to Rs 4,000 Cr and collections close to Rs 2,800 Cr. Also, Mumbai region continues its strong contribution clocking around Rs 600 Cr of sales this quarter. We are particularly delighted to highlight the extremely successful launch of Prestige Lavender Fields in Bengaluru, where we sold more than 85% of the project which contributed over Rs 2,000 Cr of sales."

Furthermore, he said "We are gearing up for some major launches coming up in Bengaluru, Hyderabad Chennai and Mumbai which include Prestige Park Grove (TDA 9.23 mn sft; Bengaluru), Prestige Serenity Shores (TDA 1.5 mn sft; Bengaluru), The Prestige City Hyderabad (TDA 12.65 mn sft; Hyderabad), Prestige Pallava Gardens (TDA 4.56 mn sft; Chennai), Prestige Ocean Towers (TDA 1.68 mn sft; Mumbai) and Prestige Nautilus (TDA 0.9 mn sft; Mumbai). We believe that these strategic projects will contribute significantly to our sales and further strengthen our position in the market."