Bengaluru-based Prestige Estates Projects reported a 3.40 percent decline in net consolidated profit for the quarter ending 30 June 2024, with a net profit of INR 307 crore compared to INR 317.80 crore in the previous year. Net consolidated total income rose by 2.96 percent to INR 2,024.50 crore. As of 30 June 2024, the company's net worth was INR 11,521.70 crore, with debt at INR 11,057.30 crore and a debt-equity ratio of 0.79. Revenue from operations grew to INR 1,862.1 crore. The Board recommended a final dividend of INR 1.80 per share.
Prestige Estates Projects announced a 3.40 percent decline in its net consolidated profit for the quarter ending 30 June 2024. The company's net profit after tax stood at INR 307 crore for Q1 FY25, compared to INR 317.80 crore in the corresponding quarter of the previous fiscal year, as reported in a Bombay Stock Exchange (BSE) filing. The firm's net consolidated total income for Q1 FY25 reached INR 2,024.50 crore, reflecting a 2.96 percent increase from INR 1,966.30 crore in the same quarter last year.
As of 30 June 2024, Prestige Estates' net worth was INR 11,521.70 crore, with a debt of INR 11,057.30 crore. This resulted in a debt-equity ratio of 0.79 and a total debt-to-assets ratio of 0.22. The company also reported an operating margin of 42.76 percent and a net profit margin of 16.49 percent. The real estate firm's revenue from operations in Q1 FY25 was INR 1,862.1 crore, up from INR 1,680.9 crore in the corresponding period last year.
The Board has proposed a final dividend of INR 1.80 per share for the fiscal year ending 31 March 2024. However, Prestige Estates recorded Q1 FY25 sales of INR 3,029.5 crore, a decrease from INR 3,914.7 crore in Q1 FY24. The total sales volume for the quarter decreased to 2.86 million square feet, compared to 3.83 million square feet in the same period last year, with 1,364 units sold.
Chairman and Managing Director of Prestige Estates Projects Ltd., Irfan Razack, noted the challenges encountered during the election period, which led to delays in approvals and project launches. Despite these obstacles, the company achieved commendable sales figures. Razack highlighted the release of the South Block in Prestige Ocean Towers, located in Marine Lines, Mumbai, during the quarter.
In conclusion, Prestige Estates Projects showcased resilience by maintaining sturdy financial health, with notable increases in net income and operational revenue despite a slight decline in net profit. The firm's strategic focus on growth and stability is evident, highlighted by the board's dividend recommendation and strong financial ratios.
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