Realty firm Prestige Estates Projects Ltd on Friday (October 6) released its operational performance update for the quarter and half year ending on September 30, 2023.
The group achieved record-breaking sales of ₹11,007.3 crore during the first half of FY24, marking a solid 69% year-on-year increase.
Collections for the same period reached ₹5,380.6 crore, reflecting a 13% year-on-year growth. This sales performance can be attributed to sales volume of 10.7 million square feet, indicating a 30% year-on-year increase.
The average realisation for apartments or villas was ₹10,338 per square foot, up by 25% year-on-year, while for plot sales, it stood at ₹4,825 per square foot, showing a 17% year-on-year increase. The group successfully sold 5,935 units during H1 FY24.
In the second quarter of FY24, Prestige Estates reported sales of ₹7,092.6 crore, witnessing an massive 102% year-on-year growth.
Quarterly collections amounted to ₹2,639.8 crore, a 1% year-on-year increase. The sales volume during this quarter reached 6.84 million square feet, marking a 50% year-on-year increase.
The average realisation for apartments or villas was ₹10,369 per square foot, up by 29% year-on-year, while for plot sales, it stood at ₹6,753 per square foot, indicating a remarkable 62% year-on-year increase. During Q2 FY24, the group successfully sold 3,659 units.
During the first half of FY24, Prestige Estates unveiled new projects spanning 16.20 million square feet. The total completions during the first half of the year stood at 8.11 million square feet.
In Q2 FY24 alone, the group launched five projects covering 13.10 million square feet, and three projects totalling 2.21 million square feet were completed during the quarter.
Irfan Razack, Chairman and Managing Director of Prestige Group, said, "What makes our achievements even more noteworthy is that in just the first six months of FY24, we have achieved sales of ₹11,007 crore, which is close to the sales of the entire 12 months of FY23, of ₹12,931 crore."
Shares of Prestige Estates Projects Ltd ended at Rs 668.50, down by ₹2.85, or 0.42%, on the BSE.
