Will be zero debt after Blackstone deal, says Prestige’s Irfan Razack

Irfan Razack, CMD of Prestige Group said that Prestige Estates Projects will be zero debt after the Blackstone deal, on Friday (February 12), while talking about company’s Q3FY21 numbers.

Prestige Estate's financial performance was weak in the third quarter due to lower recognition from projects but operationally the numbers were strong.

Speaking in an interview to CNBC-TV18, Razack said, “All the statutory compliances with regards to stake sale to Blackstone are completely covered. It’s just that the teams have to chalk out the contracts and that is underway and hopefully money from Blackstone should come in this quarter.”

“Therefore, if the Blackstone deal gets concluded as we have envisaged, we will be having surplus cash, zero debt – that was the game plan initially and that is what we are achieving and striving for,” he said.

On the earnings front, Razack said, “Operationally we have done the highest sales ever, which is Rs 2,000 crore plus sales during the quarter and I believe that if we are focused and the way the trend is we will be able to sustain it.”

“The only strength that I have is that we are going to do more projects in other cities like Noida and Mumbai than Bengaluru. Therefore, I believe that revenues and sales will come from these regions as well and so the next two quarters should also be strong,” said Razack.

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