Prestige Estates hits lifetime highs after posting record Q3 sales

Shares of Prestige Estates Projects Limited were rallying up by 7 per cent intraday on Tuesday after the real estate company said it registered the highest ever quarterly sales of Rs 4,267 crore, up 111 per cent year on year (YoY) during the October-December quarter (Q3FY22). 

The Bangalore-based real estate company recorded its highest ever collection of Rs 2,431.6 crore, up 70 per cent YoY during Q3FY22 backed by the heightened response to newly launched projects viz. Prestige Avalon, Aspen and Eden Park, part of The Prestige City, Bengaluru, Prestige Beverly Hills, Hyderabad and the existing inventories across geographies. 

For the first nine months (April-December) of the FY22 (9MFY22), the company said its sales touched a record Rs 7,113 crore and collections stood at Rs 5,005 crore. 

The management has said that its business plan will be anchored by a principal focus on revenue expansion as it continues to capitalize on our brand premium, execution track record and market consolidation theme. The company is looking forward to further growth in sales in 2022, backed by a robust launch pipeline of over 15 million sq ft. 

Prestige Estates Projects Ltd engages in the development, construction and leasing of properties. It operates through the segments of Residential, Retail, Commercial/Office, Property Management and Hospitality. 

At 3.25 pm on Tuesday, the stock of Prestige Estates Projects pared some of its gains from earlier in the day and was seen trading at Rs 531.70, up by 3.74 per cent or Rs 19.15 per share as against a 0.81 per cent decline on the benchmark index. The 52-week high of the scrip is recorded at Rs 553.40 and the 52-week low at Rs 260.15 on the BSE.