Comments
Bengaluru-based real estate player Prestige Estates reported a consolidated net profit of ₹910 crore in the second quarter of this year, marking an exponential jump from ₹148.6 crore in the same quarter last year.
This remarkable growth was primarily driven by a substantial rise in other income, according to the company’s regulatory filing. In Q2, other income soared to ₹1,019 crore from ₹47 crore in the corresponding quarter last year. Additionally, their revenue experienced robust growth, rising by 56.6 percent year-on-year to reach ₹2,236 crore, surpassing market expectations.
EBITDA margin
In terms of EBITDA, the second quarter reported a 61 per cent year-on-year increase, reaching ₹592 crore, compared to ₹368 crore in the second quarter of FY23. The EBITDA margin for the quarter stood at 26.4 percent, up from 25.8 percent in the same quarter a year ago.
Prestige Estates operates in five key segments, including office, retail, hospitality, services, and residential. During the Q2, these segments posted revenues of ₹149.9 crore, ₹112.1 crore, ₹340.7 crore, ₹445.1 crore, and ₹2,638.5 crore, respectively.
Furthermore, the company achieved a significant milestone by recording its highest-ever quarterly sales, totalling ₹7,092 crore, representing a 102 percent year-on-year growth, and sold a total of 3,659 units.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.