This real estate company's topline grew by 66 per cent in Q2FY23 YOY despite rise in home loan interest rate
Prestige Estates Projects stock skyrocketed today by 3 per cent post its operations update on BSE.
Prestige Estates Projects is currently trading at Rs. 445.35, up by 11.25 points or 2.59 per cent from its previous closing of Rs. 434.10 on the BSE. The scrip opened at Rs. 442.45 and has touched a high and low of Rs. 450.55 and Rs. 440.00 respectively. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 553.40 on January 18, 2022 and a 52 week low of Rs. 375.00 on July 05, 2022. The promoters holding in the company stood at 65.48 per cent, while Institutions and Non-Institutions held 31.32 per cent and 3.20 per cent respectively.
Prestige Estates Projects’ sales bookings rose 66 per cent year-on-year to Rs 3,511 crore in the second quarter of this fiscal (Q2FY23) on higher demand despite a rise in home loan interest rates.
Prestige Group has registered sales of Rs 3,511 crore in the July-September period against Rs 2,111.9 crore in the year-ago period. The collection from customers increased 68 per cent year-on-year to Rs 2,602.9 crore. The sales during this period are attributed to 4.55 million square feet volume with an average realisation of Rs 7,711 per square feet.
During the April-September period of this fiscal, Prestige Group's sales bookings more than doubled to Rs 6,523.1 crore from Rs 2,845.9 crore in the corresponding period of the previous year. The sales during this period are attributed to 8.18 million square feet volume with an average realisation of Rs 7,976 per square feet. During the first half of 2022-23 fiscal, the new launches totaled 17.06 million square feet and completions stood at 3.35 million square feet.
Prestige Estates Projects is engaged in the business of real estate development. The company’s principal products/services include development and construction of properties, leasing of commercial properties and share of profit /loss from partnership firm.