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Informist, Thursday, Jan. 30, 2025

--Prestige Estates Oct-Dec consol net profit INR 177 mln 

--Analysts saw Prestige Estates Oct-Dec consol net profit INR 2.24 bln 

--Prestige Estates Oct-Dec consol PAT INR 177 mln vs INR 1.16 bln yr ago 

--Prestige Estates Oct-Dec consol revenue INR 16.55 bln vs INR 17.96 bln 

--Prestige Estates Apr-Dec consol PAT INR 4.43 bln vs INR 12.34 bln yr ago 

--Prestige Estates Apr-Dec consol revenue INR 58.21 bln vs INR 57.13 bln 

By Akshay V. Johnson

MUMBAI – Prestige Estates Projects Ltd. reported a lower than expected consolidated net profit and revenue for the December quarter on account of a huge fall in other income. The company reported a consolidated net profit of INR 177 million for the December quarter, down 85% on year. Analysts had estimated the company to report a net profit of INR 2.24 billion. The fall in net profit for the December quarter is the largest in 18 quarters. If the other income for the quarter had been the same as in the year-ago quarter, the company would have registered 28% growth in net profit for the latest quarter. The company's other income fell 75% in the latest quarter to INR 434 million from INR 1.75 billion in the year-ago quarter. The company did not disclose why its other income fell sharply or what constituted the other income.

The real estate company reported a consolidated revenue of INR 16.55 billion for the December quarter, down 8% on year. The company's revenue declined for the first time in three quarters. Analysts had estimated the company to report a consolidated revenue of INR 25.21 billion. Sequentially, the company's consolidated net profit fell 91% and the consolidated revenue fell 28%.

The company reported total expenses of INR 16.14 billion for the December quarter, down 6% on year. Contractor costs, which accounted for 65% of the company's total expenses, were INR 10.42 billion, up 6% on year. The company's land costs were INR 4.51 billion for the latest quarter, down 59% on year. Other expenses rose 21% on year and finance costs rose 18% on year.

For the nine months to December, the company reported a consolidated net profit of INR 4.43 billion, down from INR 12.34 billion in the year-ago period. The company's consolidated revenue for the period was INR 58.21 billion, up from INR 57.13 billion a year ago.

Prestige Estates' consolidated earnings before interest, tax, depreciation, and amortisation for the December quarter were INR 5.9 billion, up from INR 5.5 billion a year ago, as calculated from the company's earnings disclosure. Analysts had estimated the company to report EBITDA of INR 7.16 billion.

The company's operating margin has improved significantly, at 35.7% for the December quarter, up from 30.7% in the year-ago quarter, but the net profit margin was 2% for the December quarter, down from 9% a year ago. The company reported its December quarter results after market hours on Thursday. Shares of the company closed at INR 1,342.35 on the National Stock Exchange, up 1.8% from Wednesday.  End

Edited by Avishek Dutta

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