Prestige Estates Projects reported a substantial 70% decline in its consolidated net profit for the quarter ended March 2024, registering Rs 140 crore compared to Rs 468.4 crore in the same period last year. This sharp decrease in profit is primarily attributed to lower quarterly income, as detailed in a regulatory filing late Tuesday.
The company's total quarterly income fell to Rs 2,232.5 crore, a significant drop from Rs 2,938 crore in the January-March period of FY23. Despite the quarterly downturn, Prestige Estates showed resilience throughout the fiscal year.
For the fiscal year 2023-24, Prestige Estates achieved a net profit of Rs 1,374.1 crore, marking an increase from Rs 941.8 crore in the previous year. The total income for the fiscal year rose to Rs 9,425.3 crore, up from Rs 8,772 crore in 2022-23. This annual growth underscores the company's strong performance despite facing challenges in the final quarter.
Prestige Estates Projects is recognized as one of India's leading real estate developers, with a dominant presence in South India. The company has also successfully expanded into major markets such as Mumbai and the Delhi-NCR region. This strategic expansion highlights Prestige Estates' ambition to strengthen its foothold in key metropolitan areas, catering to a broader customer base.
The company's diverse portfolio includes residential, commercial, retail, and hospitality projects, contributing to its reputation as a versatile and innovative real estate developer. Despite the recent quarterly setback, Prestige Estates remains well-positioned for long-term growth, supported by its strategic market entries and robust project pipeline.
As Prestige Estates continues to navigate the dynamic real estate landscape, its focus on expanding its presence in high-growth markets and maintaining operational efficiency will be crucial for sustaining its financial performance and delivering value to its stakeholders.
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