homeearnings NewsMumbai real estate bookings poised to rise; debt reduction in progress: Prestige Group
Mumbai real estate bookings poised to rise; debt reduction in progress: Prestige Group
Irfan Razack, CMD, Prestige Group, on Thursday, said that the company plans to reduce its debts by Rs 2,500 crore by FY22-end. H explained that the debt increase has primarily been due to capex projects. He also believes bookings from Mumbai will be much better, going ahead.
Irfan Razack, CMD, Prestige Group, on Thursday, said that the company plans to reduce its debt by Rs 2,500 crore by FY22-end. H explained that the debt increase was primarily due to capex projects.
Prestige Group came out with its Q3 earnings recently. The company reported a 59 percent increase in its consolidated net profit to Rs 93.3 crore for the quarter ended December. Its net profit stood at Rs 58.7 crore in the year-ago period. Meanwhile, its total income declined to Rs 1,396 crore in the third quarter of the fiscal from Rs 1,928.2 crore in the corresponding period of the previous year.
In an interview to CNBC-TV18, Razack said, “The debt has gone up and it’s not for anything else, it’s basically capex projects that we have to invest and there is cash balance that we do have and there's nothing alarming in that. In March quarter results, we will be in a much healthier position in terms of debt.”
Razack believes bookings from Mumbai will be much better, going ahead. He added that the company has targeted sales of Rs 10,000 crore.
He said, “We are looking at different projects, especially Mumbai in FY23. Mumbai should be giving us a lot more than what it has given us in this financial year.”
On its investments in DB Realty, he said that it was to keep tabs on the execution of 4 projects with them. He explained that the company has no plans of increasing shareholding in DB Realty.
Razack said, “As of today, we are doing Liberty Towers, that is at Mahalakshmi (in Mumbai), which is an office project. We are doing BKC 101 (Bandra Kurla Complex), which is again a large project and both of these projects are fully cleaned up, fully approved. The premiums have been paid and now, we are ready to move on and even the construction finance and all that has been tied up. So we are ready there as far as we are concerned.”
“The third is Aerocity, which we are doing and fourth is Marine Lines, which we are calling the Ocean Towers - that's again a residential project and it will get launched in April. And of course, there is another one which is in the making, again with DB Realty which is in Jijamata Nagar, but that will take a lot more time to happen because it’s slum redevelopment, but the process has started,” he added.
Watch the video for the full interview.
(With PTI inputs)
First Published: Feb 10, 2022 1:01 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Over 50 onion farmers detained in Nashik ahead of PM Modi's visit
May 16, 2024 11:14 AM
Why Google CEO is cautiously optimistic about the election year
May 16, 2024 9:51 AM
Mark Mobius reveals how markets will react if NDA wins 400+ Lok Sabha seats
May 15, 2024 8:09 PM