Prestige Estates Projects Ltd Share Price – NSE  /  BSE

Realty, Small Cap

The company’s collections jumped 26% YoY to Rs 3,474 crore in Q4 FY24.

During the quarter, area sold increased by 3% YoY to 4.11 million square feet while the company sold 1,666 units in Q4.

The company completed 9 projects spanning 13.33 million square feet in Q4 FY24

During FY24, the company has achieved highest ever annual sales of Rs 21,040 crore (up 63% YoY) and received highest ever annual collections of Rs 11,954 crore (up 22% YoY).

During the year, the Group has achieved highest ever project launches of 40.19 million square feet, up 52% YoY.

On the execution front, the Group has completed 19 projects totaling of 25.55 million square feet in FY24.

Irfan Razack, chairman and managing director, Prestige Group, said: “We are happy to announce our strong achievements in FY24 - our record-breaking sales of Rs 21,040 crore, coupled with the highest ever annual collections of Rs 11,954 Cr, area sold, etc - among other parameters, reflect the trust of our customers and dedication of our team. Furthermore, the strategic initiatives, including significant acquisitions and successful partnerships, have not only contributed to our financial success but also strengthened our position as a leading real estate developer. The completion of landmark projects and the recognition received in terms of awards and certifications are a testament to our relentless pursuit of quality and customer satisfaction.”

Venkat K Narayana, Group CEO, said, “Our operational performance has been formidable during FY24. We anticipate greater momentum ahead, with key markets like NCR and Pune driving sales. Our focus on project completions and new launches has fueled growth, with completion of 19 projects spanning 25 Mn sft in FY24. Looking to FY25, notable launches include Prestige Forest Hills in Mumbai; Prestige Raintree Park and Prestige Falcon City Luxe in Bengaluru; Prestige Pallava Gardens in Chennai; The Prestige City Indirapuram and Prestige Bougainvillea in NCR; collectively contributing nearly 30 Mn sft with a combined GDV of Rs 28,000 crore.”

Prestige Group has a diversified business model across residential, office, retail, and hospitality segments with operations in 12 key locations in India.

The company’s consolidated net profit fell 9% to Rs 116.3 crore in Q3 FY24 as against Rs 127.8 crore reported in the same period last year. Revenue from operations declined 22.49% year on year (YoY) to Rs 1,795.8 crore in the quarter ended 31 December 2023.

The scrip fell 1.13% to settle at Rs 1,275.75 on the BSE.

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The key equity barometers traded with minor cuts in morning trade after the Reserve Bank of India (RBI) kept the repo rate unchanged after its monetary policy decision. The Nifty traded at the 22,500 level. PSU bank shares gained after declining in the past trading session.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was down 48.43 points or 0.07% to 74,177.60. The Nifty 50 index shed 15.75 points or 0.07% to 22,500.80.

In the broader market, the S&P BSE Mid-Cap index rose 0.24% and the S&P BSE Small-Cap index gained 0.29%.

The market breadth was positive. On the BSE, 2,064 shares rose and 1,412 shares fell. A total of 143 shares were unchanged.

RBI Monetary Policy Outcome:

The Reserve Bank of India in its Monetary Policy Committee (MPC) led by Governor Shaktikanta Das has decided to keep the repo rates unchanged at 6.50%.

This is the seventh time that the 6 member Monetary Policy Committee has decided to keep the key rates unchanged.

Consequently, the Marginal Standing Facility (MSF) rate and the bank rate were at 6.75% and the Standing Deposit Facility (SDF) rate remained at 6.25%.

RBI Governor Shaktikanta Das elaborated on the decision, stating that inflation has decreased from its peak of 5.7%. He noted favorable growth-inflation dynamics and a steady decline in core inflation, reaching its lowest point in nine months. Despite volatile food inflation in February, core inflation, excluding food and fuel, has shown a downward trend. Concerns remain regarding the impact of weather variations on inflation and economic stability.

Buzzing Index:

The Nifty PSU Bank index rose 0.69% to 7,303.30. The index shed 0.70% in the past trading session.

Punjab & Sind Bank (up 2.93%), Union Bank of India (up 1.7%), Canara Bank (up 1.24%), UCO Bank (up 1.16%) , Central Bank of India (up 1.08%), Indian Overseas Bank (up 0.99%), Punjab National Bank (up 0.59%), Indian Bank (up 0.39%), State Bank of India (up 0.32%) and Bank of India (up 0.24%) advanced.

Stocks in Spotlight:

Prestige Estates Projects rose 0.99%. The company announced its latest acquisition of approximately 21 acres of prime land in Whitefield, Bengaluru. The acquired land will be planned for Residential Development spanning approximately 4 Mn Sft of developable area, comprising around 1800 apartments. The cost of acquisition is Rs 450 crore.

Cello World added 1.41% after the company announced the commissioning of the manufacturing facility in phased manner through its subsidiary company Cello Consumerware in Falna, District Pali, Rajasthan on 16 March 2024.

Niyogin Fintech gained 2.36% after the company reported 90% increase in gross transaction value to Rs 11,034 crore in Q4 FY24 from Rs 5,817.8 crore recorded in Q4 FY23.

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The company will develop projects with gross development value (GDV) of Rs 18,000 crore across 4 cities. The deal is dedicated towards the development of residential projects in prominent locations across 4 cities in India.

The deal, with its substantial size, upholds company's vision to sustain its leadership position in the industry. It is aimed at catalysing the development of early-stage residential projects, ensuring company's commitment to prudent expansion and diversified growth.

Irfan Razack, chairman & managing director of Prestige Group,said, “This marquee deal not only underscores the confidence of institutional investors in Prestige Group’s execution and corporate governance but also reflects our shared commitment to delivering excellence in real estate development pan-India.”

Venkat K Narayana, Group CEO of Prestige Group,said, “Given the increasing demand and consolidation in the sector, this deal will help in accelerating growth and expansion. These funds will fuel the development of greenfield residential projects across the cities of Bengaluru, Mumbai, Goa, and NCR with a combined Gross Development Value (GDV) of over Rs 18,000 crore, contributing significantly to the top line.”

Meanwhile, the company has acquired 50% partnership interest in Prestige Realty Ventures. With this acquisition, the company will hold 99.90% partnership interest in Prestige Realty Ventures.

The company will acquire 50% stake for total consideration of Rs 165 crore.

Prestige Group has a diversified business model across residential, office, retail, and hospitality segments with operations in 12 key locations in India.

The company’s consolidated net profit fell 9% to Rs 116.3 crore in Q3 FY24 as against Rs 127.8 crore reported in the same period last year. Revenue from operations declined 22.49% year on year (YoY) to Rs 1,795.8 crore in the quarter ended 31 December 2023.

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Prestige Estates Projects announce a significant milestone in its growth trajectory through a strategic deal with the Abu Dhabi Investment Authority (ADIA) and Kotak AIF. The Rs 2,001 crore (~$240 million) deal is dedicated towards the development of residential projects in prominent locations across 4 cities in India.

The collaboration with ADIA and Kotak AIF represents a considered move towards adopting strong and organic growth for Prestige Group. The deal, with its substantial size, upholds company's vision to sustain its leadership position in the industry. It is aimed at catalysing the development of early-stage residential projects, ensuring company's commitment to prudent expansion and diversified growth.

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