Realty stock jumped 5 percent in the day’s trade after it announced robust quarter ended September (Q2FY24) results with a jump in Net Profit by 512 percent YoY to Rs. 910 crores.
At 10:58 a.m the shares of Prestige Estate Projects Limited were trading at Rs. 828.80 up 4.78 percent from its previous day close price of Rs. 791.00 and its market capitalization is Rs. 33,271.52 Crores.
Prestige Estate Projects Limited have announced their quarter ended september (Q2FY24) results and it is as follows Its Net Profit grew 512.58 percent YoY from Rs. 148.6 Crores in Q2FY23 to Rs. 910.3 Crores in Q2FY24 and it grew 186.43 percent QoQ from Rs. 317.8 in Q1FY24 to Rs. 910.3 Crores in Q2FY24.
Its Revenue from operations grew 56.64 percent YoY from Rs. 1427.7 Crores in Q2FY23 to Rs. 2236.4 in Q2FY24 and it grew 33 percent QoQ from Rs. 1680.9 Crores in Q1FY24 to Rs. 2236.4 Crores in Q2FY24.
As per the company’s financial statements its revenue grew 30.14 percent from Rs. 6,389.5 Crores in FY22 to Rs. 8,315 Crores in FY23, accompanied by decreasing profits of Rs. 1,150 Crores to Rs. 941.8 Crores.
It has reported a return on equity (ROE) of 11.19 percent and a return on capital employed (ROCE) of 13.18 percent, it is making good returns on its equity and capital employed but the profitability ratios are going down year on year.
According to the latest shareholding data available for the September 2023 quarter, the company’s Promoters hold 65.48 percent stake, the Domestic Institutional Investors hold 12.83 percent and the Foreign Institutional Investors (FII) hold 19.50 percent.
Prestige Estate Projects Limited is engaged in the business of real estate development encompassing the development and construction of properties, leasing of office and retail properties.
Written by: Bharath K.S
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