Prestige Estates Q3 Results: Profit And Revenue Decline, Misses Estimates

The Bengaluru-based Prestige Estates Project Ltd.'s profit fell in the third quarter of fiscal 2024, missing analysts' estimates.

The listed real estate developer's profit tumbled 2% year-on-year to Rs 164.7 crore for the quarter ended December from Rs 162 crore in Q3 FY23. That compares with the Rs 269-crore consensus estimate of analysts tracked by Bloomberg.

Its revenue from operations fell 22% to Rs 1,796 crore, as compared with Rs 2,317 crore during the same quarter last year. Analysts polled by Bloomberg estimated it to be Rs 2,548 crore for the quarter.

Prestige Estates Q3 FY24 Results Highlights (YoY)

• Revenue down 22.5% to Rs 1,796 crore (Bloomberg estimate: Rs 2,548 crore).

• Ebitda down 4% to Rs 551.5 crore (Bloomberg estimate: Rs 717 crore).

• Margin at 30.7% vs 24.7% (Bloomberg estimate: 28%).

• Net profit down 2% at Rs 164.7 crore (Bloomberg estimate: Rs 269 crore).

Shares of Prestige Estates Project closed over 2% lower at Rs 1,141.8 apiece on the BSE, as compared with a 0.7% rise in the benchmark Sensex. The realty stock has gained 188% in a year.