Prestige Estates, has announced its update on operational performance for the fiscal year and the quarter ending March 31 2023, through an exchange filing.
During the fiscal year FY23, the Group registered record-breaking highest sales of ₹1,29,309 million (up by 25% year-on-year) and highest ever Collections of ₹98,055 million (up by 31% yoy). The sales during this period are attributed to 15.09 million sft volume with an average realization of ₹8,812/sft (up by 17 per cent yoy) for Apartments/ Villas/ Commercial Sales and average realization of ₹4,124/sft (down by 2 per cent yoy) for Plot Sales. The Group sold 9600+ homes in FY23 spanning over 15 million sft area.
During Q4 FY23, the Group has registered Sales of ₹38,888 million (up by 19 per cent yoy) and highest ever quarterly Collections of ₹27,633 million (up by 12 per cent yoy). The sales during this period is attributed to 4.00 million sft volume with an average realization of ₹9,761/sft (up by 26 per cent yoy) for Apartments / Villas/ Commercial Sales and average realization of ₹4,508/sft (up by 44 per cent yoy) for Plot Sales.
During the year FY23 the new launches totalled 26.38 million sft up by 57 per cent yoy; (Residential 16.45 million sft, capex projects 9.92 million sft). The total completions during the year stood at 15.68 million sft up by 10 per cent yoy.
On the steady performance, Mr. Irfan Razack, Chairman and Managing Director, Prestige Group said, “We are delighted to announce that the company has achieved significant growth in the past year- with sales, collections, launches, and completions far surpassing the previous year's level. Our success in the past year has been driven by our commitment to delivering high-quality projects and exceptional service to our clients. We have been dedicated to expanding our property portfolio while maintaining a healthy balance of launches and completions.
We are well-positioned to continue our upward trajectory, and we have set ambitious objectives for the next three years. Our aim is to double our sales during this time, and we are confident that we have the right team and strategy in place to achieve this goal. As we look to the future, we are enthusiastic about the prospects ahead and the potential for sustained growth and success. This is evidence to the team's hard work, dedication, and customer-centric approach.”
Expressing his views on the performance, Mr. Venkat K Narayana, Chief Executive Officer, Prestige Group said, “I am thrilled to share with you our operational update for the financial year 2022-23, which has been an excellent year for us. We achieved a record-breaking highest sale of ₹12,930 Cr, which is a remarkable increase of 25 per cent compared to the previous year's (high base) sales of ₹10,382 crore. Also, the sales were backed by highest ever yearly collections of ₹9,805 crore and highest quarterly collections of ₹2,763 crpre respectively. In terms of our project launches, we launched 26 million sft of projects this year, including 16 million sft of residential and 10 million sft of capex projects. Furthermore, we have a strong pipeline of more than 65 million sft of residential launches planned for next couple of years.
I am delighted to share that our Mumbai sales have contributed approximately ₹2700 crore to the total sales this year, already contributing 21 per cent to our total sales. Our Mumbai portfolio now comprises eight projects, including ongoing and upcoming projects, with a total sales potential of ₹75,000 crore (Total GDV). This is a great start in a new geography, and we are excited about the growth opportunities that lie ahead.”
