Analyst Concall
Projects of INR 560 bln in approval stage - Prestige Estates
This story was originally published at 20:46 IST on 31 January 2025
Register to read our real-time news.Informist, Friday, Jan. 31, 2025
Please click here to read all liners published on this story
--Prestige Estates: 101 mln sqft under development in 59 projects
--CONTEXT: Comments by Prestige Estates mgmt in post-earnings analyst call
--Prestige Estates: To develop 96 mln sqft in 65 projects
--Prestige Estates: Clarity on inventory spillover to FY26 by end of Mar
--Prestige Estates: See no further approval delay with elections behind us
--Prestige Estates: Sure of launching Indirapuram project in NCR in Jan-Mar
By Arya S. Biju and Narayana Krishna
MUMBAI/HYDERABAD - Real estate developer Prestige Estates Projects Ltd. on Friday said it has projects worth INR 560 billion in the pipeline under the approval process. The company is in the process of evaluating the prospective launches for 2025-26 (Apr-Mar), its management said in a post-earnings analyst call.
The Bengaluru-based company currently has 65 upcoming projects with 96 million square feet of development area and 59 ongoing projects with a total area of 101 million square feet in various stages. Besides the current pipeline of projects, it has enough land bank to develop around INR 500 billion worth of projects for the future, the management said.
Out of the upcoming 65 projects, 37 are residential, 10 are retail, seven are commercial, and 11 are hospitality projects, the company said. The ongoing projects include 41 residential projects, 12 commercial, two retail and four hospitality projects, according to the company's December quarter investor presentation.
Prestige Estates on Friday reported an 85% on year decline in its consolidated net profit to INR 177 million for the December quarter. The company's consolidated revenue for the quarter declined 8% on year to INR 16.55 billion. The company also saw a 75% on-year fall in other income to INR 434 million.
On its Indirapuram project in the National Capital Region, the company said it expects to receive regulatory approval within a month. The company said it aims to launch the project in the next quarter. Prestige Estates launched three projects in the quarter, with a total developable area of 2.2 million square feet. In the nine months ended December, the company launched 9 projects with a developable area of 12.25 million square feet.
The company said it sees no further delays in approval of its projects, with the central and state elections over. "We are preparing... to launch a robust project across all our key geographies, Bangalore, Hyderabad, Mumbai, and Chennai in the next few weeks," Zayd Noaman, executive director of the company, said. The launches include Prestige Southern Star in Bengaluru, Prestige Camden Gardens in Chennai, and Prestige Nautilus in Mumbai, he said.
Sales in Bengaluru contributed 58% of the total sales in the December quarter at INR 17.52 billion. Sales in Mumbai were at INR 6.74 billion for the quarter, while sales in Hyderabad were at INR 4.92 billion.
On Friday, shares of the company ended at INR 1,359.50, on the National Stock Exchange, down 1.3% from the previous close. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Saji George Titus
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2025. All rights reserved.
To read more please subscribe
Share this Story:
