Prestige Estates' Q2 Profit Slumps 48 Pc To Rs 224 Crore Revenue Falls 15 Pc
The real estate developer's revenue declined 15.3 per cent to Rs 2,060 crore during the quarter from Rs 2,432 crore a year earlier, according to its stock exchange filing.
Despite the decline in revenue, operating performance remained resilient. Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 1.8 per cent year-on-year to Rs 926 crore from Rs 910 crore in the year-ago period.
The company's EBITDA margin improved significantly to 45 per cent from 37 per cent in the corresponding quarter of the previous fiscal, as per its regulatory filing.
Prestige Estates Projects, one of India's largest and most diversified real estate developers, has a presence across residential, commercial, retail and hospitality segments.
Founded in 1986 and headquartered in Bengaluru, the company has developed a large portfolio of residential projects, office parks, shopping malls, hotels and integrated townships across major Indian cities.
Led by Chairman and Managing Director Irfan Razack, the company operates across key markets including Bengaluru, Chennai, Hyderabad, Mumbai, Kochi, Goa and Delhi-NCR.
Its commercial portfolio includes IT parks and office developments, while its retail business is known for the Forum mall brand. The company also has interests in hospitality, property management and warehousing.
Prestige Estates has delivered millions of square feet of residential and commercial space and continues to maintain a significant pipeline of ongoing and upcoming projects across India.
Shares of Prestige Estates Projects Limited ended 3.45 per cent lower at Rs 1,632.45 apiece on the BSE ahead of the earnings announcement.
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