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.
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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.
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