Prestige Estates shares fall after Q1 pre-sales decline 15% from the March quarter

Prestige Estates shares fall after Q1 pre-sales decline 15% from the March quarter


Shares of Prestige Estate Projects Ltd. fell more than 3% as its pre-sales in the first quarter declined sequentially.

The real estate developer recorded presales of ₹6,579 crore across its residential, commercial, retail and hospitality businesses according to a regulatory filing. This was lower than the previous quarter’s ₹7,697 crore.

Also Read: Prestige Estates launches phase 2 of Mulund project with ₹2,200 crore GDV

Its volumes increased 13% to 6.04 million square feet from 5.34 million square feet in the previous quarter.
The company reported collections of 4,802 crore in the first quarter, down 8% from the previous one’s 5,231 crore.

Prestige Estates launched four projects with a combined developable area of 20.16 million square feet and a gross development value of 12,000 crore.

Hyderabad was the largest contributor its quarterly sales, accounting for 49% of the total sales, following by Bengaluru which accounted for 27%, Mumbai, NCR and other markets making up 12%, 7% and 5%, respectively.

The shares of the company rose as much as 0.36%, hitting an intraday high of ₹1,692.1 on Thursday morning, but has since pared some of its gains and was trading at ₹1644.00 as of 12.06 pm, down 2.51%. The shares have risen about 2.54% so far this year but declined over 4.28% over the last 12 months.

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