India’s leading real estate developer, Prestige Estates, has announced its update on operational performance for the quarter ending 30th September, 2022. During Q2 FY23, the Group has registered sales of ₹35,110 mn (up by 66% yoy) and collections of ₹26,029 mn (up by 68% yoy). The sales during this period is attributed to 4.55 mn sft volume with an average realization of ₹7711/sft. The first half of the year H1 FY23, the Group registered sales of ₹65,231 mn (up by 129% yoy) and collections of ₹47,493 mn (up by 85% yoy). The sales during this period is attributed to 8.18 mn sft volume with an average realization of ₹7976/sft.
During the quarter Q2 FY23, five projects were launched spanning 7.39 mn sft, viz The Prestige City Meridian Park- Phase-III and Prestige Park Drive- Phase-III in Bengaluru, Prestige Orchards in Hyderabad, Prestige Liberty Towers and The Prestige City Mulund- Bellanza Phase-II in Mumbai. Three projects totalling 2.58 mn sft – Prestige Park Drive – Phase I&II, Prestige Minsk Square and Forum Falcon City in Bengaluru were completed during the quarter. During the first half of the year H1 FY23 the new launches totalled 17.06 mn sft and completions 3.35 mn sft, respectively.
Commenting on the performance, Mr. Irfan Razack, Chairman and Managing Director, Prestige Group said, “We are delighted to see continued robust sales numbers. The year has started really well and we have achieved numbers as per our plans. It is exciting to see great success of The Prestige City Projects in Bengaluru and Mumbai, which have received tremendous response. We have great momentum going and spirits are high within the team, to achieve our next level of growth. We are excited to see new launches from various geographies, which will be contributing to sales in the quarters to come.”
Expressing his views on the performance, Mr. Venkat K Narayana, Chief Executive Officer, Prestige Group remarked, “Happy to report yet another strong quarter, we achieved ₹35,110 mn (66% yoy) in Q2 FY23 and ₹65,231 mn in H1 FY23 (129% yoy) and well on our way to surpass last year’s performance. We sold 3210 units this quarter translating to 36 Prestige homes / units sold on an average every day. The distribution of sales between mid-income and premium segment is equal to 93% and 7% respectively. We are headed for some big launches in the upcoming quarters and that should set us up for another outstanding year in terms of pre-sales and overall performance. We have successfully emerged as strong and credible brand in the country and endeavour to expand our presence and take the Prestige legacy to newer geographies and markets.”