Prestige Estates Projects achieved a remarkable 512.58% YoY growth in net profit, reaching Rs 910.3 crore in Q2 FY 24, compared to Rs 148.6 crore in the same period last year. The company's net consolidated total income surged by 120.79%, reaching Rs 3,256 crore. Notably, strategic acquisitions, including stakes in Dashanya Tech Parkz and Techzone Technologies, exemplify Prestige Estates Projects' commitment to diversification and expansion. These robust financials and strategic initiatives position the company for sustained success in India's real estate sector.
Prestige Estates Projects experienced an impressive surge, reporting a staggering 512.58% growth in net consolidated profit for Q2 FY 24. The profit after tax reached Rs 910.3 crore, a significant increase from Rs 148.6 crore in the corresponding quarter of the previous fiscal year. The company's net consolidated total income also witnessed remarkable growth, reaching Rs 3,256 crore in Q2 FY 24, marking a 120.79% increase from Rs 1,474.70 crore in the comparable quarter last year. During the six months ending September 30, 2023, Prestige Estates Projects executed key transactions through its subsidiaries, demonstrating a commitment to expansion and diversification. The company acquired a 51% stake in Dashanya Tech Parkz, solidifying its position with a 50% stake on a fully diluted basis. Additionally, Prestige Estates Projects invested in Prestige Vaishnaoi Realty Ventures, now holding 50% ownership and economic rights as a partner. Prestige Falcon Realty Ventures, a wholly-owned subsidiary, concluded its association with Lokhandwala DB Realty LLP in H1 FY 24. Simultaneously, Prestige Acres, another subsidiary, joined Lokhandwala DB Realty LLP as a partner with 50% ownership and economic rights. Further emphasizing its strategic expansion, the company acquired a 48.07% stake in Techzone Technologies through a wholly-owned subsidiary in H1 FY 24. Additionally, Prestige Estates Projects secured the remaining stake in Prestige (BKC) Realtors and Turf Estate Joint Venture LLP via a wholly-owned subsidiary in the same period. This move resulted in the company holding 100% interest in these entities and a 99.99% interest in Evergreen Industrial Estate, a subsidiary of Turf Estate Joint Venture LLP, thereby gaining control. These acquisitions highlight Prestige Estates Projects' diversified growth strategy, tapping into various sectors and reinforcing its market presence. The company's financial performance in Q2 FY 24 underscores effective management and successful implementation of its business plans. Prestige Estates Projects appears well-positioned for sustained growth and continued success in India's dynamic real estate landscape.
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