Bengaluru-based real estate player Prestige Estates Projects’ net profit increased by 30.2 per cent to Rs 267 crore for the quarter ending in June, compared to Rs 205 crore in the same quarter last year.
Its revenues from operations fell by 13 per cent to Rs 1,680.9 crore, compared to Rs 1,938.5 crore a year ago.
The real estate company reported that its EBITA went up 14.1 per cent to Rs 526.7 crore in the first quarter from Rs 461.7 crore during the same period last fiscal year. While the EBITA margin for the quarter was at 31 per cent, the net debt stood at Rs 6,480 crore.
For this quarter, its sales booking went up by 30 per cent to Rs 3,914.7 crore, with 2,276 units sold.
During the quarter ended June 30, 2023, the group acquired 51 per cent of shares in Dashanya Tech Parkz Private Limited and holds 50 per cent stake on a fully diluted basis.
Additionally, the group has invested in Prestige Vaishnaoi Realty Ventures (formerly known as Sarveshvari Constructions) through capital contribution and is now a partner with 50 per cent ownership and economic rights.
Prestige Falcon Realty Ventures Private Limited, the wholly owned subsidiary of the company, has retired from Lokhandwala DB Realty LLP. Prestige Acres Private Limited, a subsidiary of the company, has entered into the LLP as a partner with 50 per cent ownership and economic rights.
The group has also entered into an agreement to acquire a balanced stake in Prestige (BKC) Realtors Private Limited and Turf Estate joint Venture LLP; pursuant to the acquisition, the group will hold 100 per cent interest in these entities and gain control.