Prestige Estates Projects Confident Of Meeting Rs 24,000 Crore Sales Target For FY25
While the first half of the ongoing fiscal has been muted against the guided numbers, the second half will look a lot better, Prestige Group Chairman Irfan Razack said.
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Prestige Estates Projects is confident of achieving its sales guidance of Rs 24,000 crore for the financial year ending March 2025 on the back of new project launches and rising customer demand, according to Prestige Group Chairman and Managing Director Irfan Razack.
Talking to NDTV Profit, Razack noted that while the first half of the ongoing fiscal has been muted against the guided numbers, the second half will look a lot better.
“I think we should not look at it (sales figures) quarter on quarter. We had given guidance for FY25 of almost Rs 24,000 crores of topline sales, and we are confident of achieving that by March 2025 because there are a lot of products that are under approval, which need RERA clearance,” he said.
The Prestige Group's chairman mentioned that the company will receive RERA (Real Estate (Regulation and Development) Act) clearance for its upcoming projects soon.
“Maybe they'll come in this month. It will happen in December. All that will add up (in sales figures),” he said.
Razack noted that there is demand from customers in the retail real estate market.
“There is a pent-up demand. Customers are very keen to book, but we can't book till all the compliances are in place. But now we are very confident and sure because most of the approvals are in the last and end stages with the RERA being awaited,” he noted.
If not the third quarter, the fourth quarter will be the “most robust” quarter for Prestige Group, the top executive said.
“I think that Q4, if not Q3, will be the most robust quarter that we will have for the company and will reach the guidance that we had already guided on,” Razack reassured.
“I don't see any cause for concern as far as we are concerned,” he added.
The company has a plethora of projects lined up for the fourth quarter.
“We've got the Prestige City Indirapuram in NCR. The plans have been approved. We are waiting for RERA. That may come into this quarter or may spill over to the next quarter. And that's a Rs 12,000 crore topline revenue that is expected there, and there's a lot of traction,” Razack noted.
Apart from this, the company has two projects in Bengaluru and one each in Mumbai, Goa, and Chennai, to name a few.
“I believe that these all totalled up, and even if I sell a substantial part of it, which we will, it would exceed the line that we had guided for at the beginning of the year,” he said.
Shares of Prestige Estates Projects Ltd. closed 0.26% lower at Rs 1,751.4 apiece on the BSE on Tuesday, compared to a 0.09% decline in the benchmark Sensex.
