Prestige Estates Projects surges on reporting 102% sales growth in Q2FY24
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Prestige Estates Projects is currently trading at Rs. 679.50, up by 11.00 points or 1.65% from its previous closing of Rs. 668.50 on the BSE.
The scrip opened at Rs. 697.95 and has touched a high and low of Rs. 699.00 and Rs. 674.05 respectively. So far 58286 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 699.00 on 09-Oct-2023 and a 52 week low of Rs. 391.30 on 27-Feb-2023.
Last one week high and low of the scrip stood at Rs. 699.00 and Rs. 591.85 respectively. The current market cap of the company is Rs. 27258.59 crore.
The promoters holding in the company stood at 65.48%, while Institutions and Non-Institutions held 31.96% and 2.56% respectively.
Prestige Estates Projects has registered sales of Rs 7092.60 crore (up by 102% year-on-year) and quarterly Collections of Rs 2639.80 crore (up by 1% year-on-year) in Q2FY24. The sales during this period is attributed to 6.84 million square feet (sft) (up by 50% year-on-year) volume with an average realization of Rs 10,369/sft (up by 29% year-on-year) for Apartments / Villas and average realization of Rs 6,753/sft (up by 62% year-on-year) for Plot Sales. The Group sold 3659 units during Q2FY24.
During H1FY24, the Group registered record-breaking highest sales of Rs 11007.30 crore (up by 69% year-on-year) and Collections of Rs 5380.60 crore (up by 13% year-on-year). The sales during this period are attributed to 10.7 million sft (up by 30% year-on-year) volume with an average realization of Rs 10,338/sft (up by 25% year-on-year) for Apartments/ Villas and average realization of Rs 4,825/sft (up 17% year-on-year) for Plot Sales. The Group sold 5935 units during H1 FY24.
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.
