Prestige Estates Projects Registers Highest Sales Of ₹ 20,260 million during Q3FY21

Prestige Estates Projects Registers Highest Sales Of ₹ 20,260 million during Q3FY21
Feb 2021 , by , in Realty Spotlight

Prestige Estates Projects Limited has announced its operational update for the period Q3FY21. During Q3FY21, The Group has registered highest ever sales of INR 20,260 mn, up 80% QoQ  and 55% YoY. The sales have come from 2.98 mn sft volume with an Average realization of INR 6790/sft. Further, the Group has clocked record collections of INR 14,303 mn, up 26% YoY and 25% QoQ.

Summarised operational and financial performance for the quarter and nine months ended December 31st, 2020.

  1. Highest ever sales of INR 20260 mn, up 80% QoQ and 55% YoY. 9MFY21 sales were at INR 36103 mn
  2. Sales Volumes were at 2.98 mn sft, up 69% QoQ and 85% YoY. 9MFY21 volumes were at 5.40 mn sft 
  3. Average realization were at INR 6,790/sft, up7% QoQ. 9MFY21 Average realizations were at INR 6682/sft
  4. Collections were at INR 14,303 mn, up 25% QoQ and 26% YoY. 9MFY21 collections were at INR 33076 mn
  5. New launch of 3.15 mnsft, up 71% YoY. 9MFY21 launches were at 7.11 mn sft.
  6. During the quarter the company has registered revenue of INR 19282 mn, EBITDA of INR 5282 mn and PAT of INR 878 mn. EBITDA and PAT margins were at 27.39% and 4.55%, respectively. 
  7. During 9MFY21, the company has registered revenue of INR 51412 mn, EBITDA of INR 15667 mn and PAT of INR 2016 mn. EBITDA and PAT margins were at 30.47% and 3.92%, respectively. 

Commenting on this record performance, Irfan Razack, Chairman, Prestige Group “Despite the challenging environment, Prestige has recorded its highest ever sales and collections during Q3FY21, registering a growth of 80% QoQ and 55% YoY. Both our annual marketing events, “KEYS” and the newly launched projects have received good response. The strong performance reflected the increasing consumer preference to own a Prestige Home. On the back of our scale, efficiency, and unmatched service, we are witnessing strong traction across our business segments, e. the record sales were backed by the strong response to our newly launched projects- Prestige Windsor Park, Prestige Primrose Hills, Prestige Waterford, in Bengaluru, Prestige Ocean Crest in Goa and Prestige Tranquil in Hyderabad”

Venkat K Narayana, Chief Executive Officer, Prestige Group “We are delighted to announce our Q3FY21 / 9MFY21 robust performance across the board, despite the volatility. We clocked highest ever quarterly sales of INR 20,260 mn in Q3FY21. With this strong performance, our 9MFY21 sales are at INR 36,103 mn, up 8% YoY and collections are at INR 33,076 mn, back to pre-COVID levels. In addition, we have lined-up over 10mn sft for launch this year across Bengaluru, Mumbai, Hyderabad and Chennai markets.  And have 40 mn sft under planning.  We will continue to deliver robust performance in the years to come”

 

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