Prestige Estates has announced its operational performance for the first 9M and the quarter that ended on December 31, 2022. The group had sales of Rs. 90,421 million during the first 9M of the year FY23. It is an increase of 27% year over year. The collections totaled Rs. 70,422 million, up by 41% year over year.
The sales during this period have touched 11.09 million square feet volume. There is an average realization of Rs. 8553 per square foot for apartments, villas, and commercial sales. The average realization for plots is Rs. 4134 per square foot.
During Q3 FY23, the group had sales of Rs. 25,190 million. The collections have been Rs. 22,929 million. The sales during this period come from a volume of 2.91 million square feet. The average realization is Rs. 9371 per square foot for apartments, villas, and commercial sales. The average realization for plot sales is Rs. 4148 per square foot.
Seven projects were launched during the quarter Q3 FY23. These cover 4.06 million square feet. These include Prestige Ocean Pearl in Calicut. Prestige Daffodils and Prestige Siesta are in Mumbai. In Bangalore, they are Prestige Sanctuary and Prestige 13° North.
Six projects of 11.04 million square feet were completed. These are Prestige Jindal City, Prestige Willow Tree, Prestige Tech Park IV, and Prestige Tech Park – Adobe in Bengaluru. Prestige Hillside Gateway and Prestige Cyber Green were completed in Kochi. During the first 9M of FY23, the new launches were 21.12 million square feet. Completions were 14.40 million square feet.
Mr. Irfan Razack, the CMD, said they are happy with the numbers that have been touched. It is great that over 7000 families have bought homes from the group. Customer satisfaction, on-time delivery, and completion remain the company's top goals. He said there had been steady collections for Q3. The collections for 9M have been over Rs. 70 billion.
It is positive for the company’s operating cash flows. It has lined up big launches in Bangalore, Hyderabad, and Chennai. These will be in the upcoming quarter. Sales and collections will go up as a result of these. With this, it is expected that the company will complete the year by exceeding its annual guidance.
Mr. Venkat Narayan, the CEO, also spoke about the company. It has entered Calicut. One of the largest complexes of homes in the city is being constructed by it. Projects have begun in Bangalore. One of these has villas next to Prestige Golfshire. A mixed-use project is close to the airport.
The company has also launched a luxury project in South Mumbai. He said it is encouraging to see the steady performance in Mumbai for the third consecutive quarter. The company has clocked sales close to Rs. 5 billion in Q3 and close to Rs. 17 billion in the 9M of FY23.
The Prestige Group began work on projects in all asset classes during the quarter. Residential, retail, commercial, and hospitality are a few of these. It is gaining ground in a lot of sectors. It has a lot to gain from these ventures.
Prestige Group new prelaunch apartment Prestige Park Grove.