Despite an increase in home loan interest rates, the top line of this real estate firm climbed by 66% year over year in Q2FY23
Following the release of its operations update on exchange, shares of Prestige Estates Projects jumped 3 % today.
Prestige Estates Projects has risen from its previous BSE closing price of Rs. 434.10 to its current price of Rs. 445.35, a gain of 11.25 points (2.59%). The stock price moved from an opening price of Rs 442.45 to a high of Rs 450.55 and a low of Rs 440.00. The BSE group 'A' stock with a face value of Rs.10 peaked at Rs.553.40 on January 18, 2022 and bottomed out at Rs.375.00 on July 05, 2022 throughout the course of the preceding 52 weeks. The promoters' share of the company's stock was 65.48%, while institutional investors and non-institutional shareholders each owned 31.32% and 3.2% of the stock.
Despite an increase in home loan interest rates, Prestige Estates Projects saw a 66 percent year-over-year increase in sales bookings in the second quarter of this fiscal year (Q2FY23), total Rs 3,511 crore.
July-September revenues for Prestige Group were Rs 3,511 crore, up from Rs 2,111.9 crore in the same time last year. Customer payments totaled Rs 2,602.9 crore, an increase of 68% from the previous year. For this time frame, sales were recorded at a volume of 4.55 million square feet, with an average realisation of Rs 7,711 per square foot.
Prestige Group's sales bookings during the period between April and September of this fiscal year more than doubled from Rs 2,845.9 crore to Rs 6,523.1 crore. We can calculate an average price per square foot of Rs 7,976 for the 8.18 million square feet of space that was sold during this time period. The entire square footage of new construction and renovations launched during the first half of the fiscal year 2022-23 was 17.06 million square feet, while the total square footage of completed buildings was 3.35 million square feet.
Prestige Estates Projects is a company that works in the construction industry. Property development and construction, commercial property leasing and partnership firm profit and loss sharing are the company's primary offerings.
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