Prestige Estates Projects, a Bengaluru based prominent real estate developer, aims to boost its yearly sales by 25-30 percent in the fiscal year 2024-25 (FY25), as stated by the management during an investor call on Wednesday. The company achieved a revenue of Rs.21, 040 crore in FY24, marking a 63 percent rise from Rs.12,931 crore in the previous year.
Despite a decline in consolidated profit by 70% to Rs. 140 crore during the quarter ending March 31 (Q4) due to reduced income, the company maintains an optimistic outlook. The Bengaluru-based real estate company witnessed a decrease in net revenue from Rs.2,938 crore in Q4FY23 to Rs. 2,232.5 crore in the fourth quarter.
Prestige recorded its all-time highest annual collections of Rs.11,954 crore (revenue obtained from property tenants within a one-year timeframe), marking a remarkable 22% increase. Throughout FY24, the company successfully accomplished 300 projects and handed over 25 million square feet of area. In the fourth quarter alone, Prestige introduced a total of 9.35 million square feet of properties.
Furthermore, Prestige Estates has entered into an agreement with ADIA Kotak AIF for Rs.2, 001 crore for four projects located in Bengaluru, Delhi, and Mumbai. In addition, the company has purchased 62.5 acres of land in Indirapuram extension-NCR, which has a development capacity of 10 million square feet and a sales potential of Rs. 10,000 crore. The launch of this project is scheduled for August-September.
Irfan Razack, the chairman and managing director, Prestige Group said, “We are happy to announce our strong achievements in FY24 -- our record-breaking sales coupled with the highest ever annual collections, and area sold -- among other parameters, reflect the trust of our customers and dedication of our team.”
He also added,"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 management has confirmed that they have a pipeline of launches worth approximately Rs.60,000 crore. These projects have been meticulously designed and finalized for approval.
Copyright © 2024 HomesIndiaMagazine. All Rights Reserved.
