Prestige Estates on Friday announced its update on operational performance for the quarter and half year ending 30th September, 2023, through an exchange filing.
During H1 FY24, the Group registered record-breaking highest sales of T1,10,073 mn (up by 69% yoy) and Collections of T53,806 mn (up by 13% yoy). The sales during this period are attributed to 10.7 mn sft (up by 30% yoy)volume with an average realization of T10,338/sft (up by 25% yoy) for Apartments/ Villas and average realization of T4,825/sft (up 17% yoy) for Plot Sales. The Group sold 5935 units during H1 FY24.
During Q2 FY24, the Group has registered Sales of T70,926 mn (up by 102% yoy) and quarterly Collections of T26,398 mn (up by 1% yoy). The sales during this period is attributed to 6.84 mn sft (up by 50% yoy) volume with an average realization of T10,369/sft (up by 29% yoy) for Apartments / Villas and average realization of T6,753/sft (up by 62% yoy) for Plot Sales. The Group sold 3659 units during Q2 FY24.
During the first half of the year FY24, the new launches totalled 16.20 mn sft. The total completions during the half year stood at 8.11 mn sft.
On the steady performance, Irfan Razack, Chairman and Managing Director, Prestige Group said, "We are pleased to announce our outstanding operational results for Q2 and H1 FY24 with several significant accomplishments. What makes our achievements even more noteworthy is that in just the first six months of FY24 we have achieved sales of X11,007 cr, which is close to the sales of the entire 12 months of FY23, of 12,931 cr! This milestone emphasizes the increased trust our customers place in us and our ability to scale and deliver. 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. We believe that the best is yet to come, and we are excited to shape the future of real estate with innovation, quality, and determination."
Expressing his views on the performance, Venkat K Narayana, Chief Executive Officer, Prestige Group said, "This quarter has been marked by significant launches, including Prestige Park Grove and Prestige Serenity Shores which received overwhelming responses, contributing to 5000+ cr of the quarterly sales. Mumbai continues to perform well, garnering formidable sales. Another feather in our cap was the inauguration of Kochi's iconic new landmark- the Forum Thomsun Mall. Our strong sales, impressive collections, and successful project launches and completions demonstrate our tenacity and commitment to excellence and growth."