Prestige Estates posted sales of Rs 30,121 crore, up 310% year-on-year and receipts recorded at Rs 21,464 crore, up 110% year-on-year, according to its Q1 FY2023 results. Prestige Group sold a total of 2,564 units in this quarter, which is equivalent to 28 units sold per day. Sales are attributed to 3.63 million square feet of volume with an average realization of Rs 8,309 per square foot.
Financial Highlights for the First Quarter of Fiscal Year 2023
- Revenue of Rs 20,118 crore, an increase of 42% YoY compared to revenue of Rs 14,180 crore in Q1 FY2022
- With an EBITDA margin of 26.59%: EBITDA of Rs 5,350 crore, an increase of 49% YoY compared to EBITDA of Rs 3,585 crore in Q1 FY2022
- With a PAT Margin of 12.48% – Profit After Tax (PAT) of Rs 2,511 crore, an increase of 210% YoY vs Rs 810 crore in Q1 FY22
- Debt ratio at 0.40x; Total consolidated net debt stood at Rs 39.19 billion.
FY2023 Q1 Operational Highlights
- Sales achieved at Rs 30,121 million
- Collections reached at Rs 21,464 million
- Sales volume reached a volume of 3.63 million sf with an average realization of Rs 8,543 for residential and commercial, Rs 3,796 per sf for plotted development (overall average Rs 309 per sf)
- During Q1FY23, four projects spanning 9.67 million square feet were launched: Prestige Tech Forest, Prestige Waterfront, The Prestige City Meridian Park Phase II in Bangalore and Prestige City Mulund Bellanza in Mumbai.
- During Q1FY23, three projects totaling 0.78 million square feet were completed: Prestige Woodland Park, Prestige Metropolitan and Prestige D’Art.
Irfan Razack, Chairman and Managing Director of Prestige Group, said: “We are happy to see the contribution of our recently launched projects in Mumbai to our overall numbers and are optimistic about the increasing value they will add in the coming quarters. Overall, we are in an excellent position with a strong pipeline of new launches in the coming quarters, across multiple geographies and segments, which will continue to contribute to our strong sales performance and overall growth.”
Venkat K Narayana, CEO of Prestige Group, added: “In Mumbai alone, we achieved almost 25% of Q1FY23 sales. We continue to thrive on our performance and have close to ~15 million square feet of new launches in the upcoming quarters of this year. Multiple launches are planned in geographies outside of Bangalore, such as Hyderabad, Mumbai, and Noida.”