Prestige Estates posts 21 per cent hike in profits, plans to raise funds

Realty major Prestige Estates posted a surge of 21 per cent in its net profit for the fourth quarter of the fiscal year 2018. Spurred by higher sales, the company’s net profit for the period stood at Rs. 107.1 crore as against Rs. 88.1 crore in the fourth quarter of the previous fiscal year.

The company recorded a 27 per cent increase in its total income to Rs. 1,861.6 crore in the fourth quarter of the fiscal year 2018 as against Rs. 1,463 crore in the same quarter of the previous fiscal year.

For the fiscal year 2018, the company posted a net profit of Rs. 371.3 crore as against Rs. 264.9 crore for the previous fiscal year. The company is also planning to raise funds up to Rs. 350 crore through issuing of non-convertible debentures on private placement basis.

However, in Tuesday’s trade, the company majorly traded in the negative territory. The stock hit an intraday high of Rs. 273.50 per share and an intraday low of Rs. 269.05 per share on BSE. The stock had touched its 52-week high of Rs. 356.10 per share on January 16, 2018 and its 52-week low of Rs. 222 on May 30, 2017 on BSE, respectively.

At 11:45 hours IST, the company was trading at Rs. 269.05 per share, down by 1.18 per cent on BSE. Meanwhile, S&P BSE Sensex was trading at 35,204.07 level, up by 0.11 per cent and NSE Nifty50 was trading at 10,706.95 level, up by 0.17 per cent on Tuesday.