Prestige Estates Registers Record New Sales of Rs. 10,101 mn in Q1 FY 12-13
Prestige Estates, a Bangalore based Real Estate Developer registered record new sales of Rs. 10,101 mn for Q1FY13.
Online PR News – 08-August-2012 –Bangalore, India, Tuesday - August 07, 2012 -- Highlights of Q1 FY 12-13:
Prestige Estates ( http://www.prestigeconstructions.com ), a Bangalore based Real Estate Developer registered record new sales of Rs. 10,101 mn for Q1FY13. This included 1.65 mn sft of Residential (totaling to 891 units) and 0.38 mn sft of Commercial space. The company has launched 2.19 mn sft this Quarter spanning over 7 residential projects, namely Prestige Garden Bay, Prestige Glen Wood, Prestige Silver Crest, Prestige Mayberry, Prestige Summer Fields and Prestige Silver Sun and has 6 mn sft in the pipeline for launch over the next three quarters in this fiscal.
Prestige Estates also reported Q1FY13 Turnover of Rs. 2,464 mn with PAT at 20% amounting to Rs. 493 mn.
Commenting on the performance of the Company, Mr. Irfan Razack, Chairman and Managing Director, Prestige Estates ( http://www.prestigeconstructions.com ), said, “There has been a continuous growth in sales every Quarter and this Quarter in particular has been exceptionally good for us. All our new projects launched over the last one year have met with extremely good response. Our focused approach in launching projects with right pricing, appropriate ticket size, in best locations coupled with our strong Brand Name has helped us in achieving these phenomenal numbers. We had set a target of Rs.25,000 mn for new sales for FY 2012-13 at the beginning of this fiscal, of which we have already achieved 40% this Quarter itself. The momentum is continuing in the Second Quarter as well ensuring that we are well on track to achieve our set targets. This kind of sales momentum and demand for our projects also shows the kind of trust the people have in our company and our execution capabilities, thus increasing our responsibility and commitment to deliver better and quality projects, every time. Even in Chennai – Our new offering Prestige Bella Vista, has met with great response. We will also be opening our New Mall “Forum Vijaya” for this Diwali, which will help us in increasing our footprint in that region.”
Mr. Venkat. K. Narayana, Executive Director, Finance and CFO added to Mr. Razack, saying, “We have Unrecognized revenue of Rs. 41,482 mn as on date and the same will come for revenue recognition based on construction progress (POC) assuring the top line for the next 2-3 fiscals. Our top line for the last 2 quarters of FY-13 will also grow significantly, as lot of new projects will start coming for recognition. Our Debt to Equity Ratio (0.53 standalone and 0.75 on a consolidated basis) is also low as compared with the Industry norms considering that the we also had a huge rental portfolio yielding Rs. 2,000 mn rent per annum.”
For the year 2011-12, the Company had given a guidance of Rs. 15,000 mn for new sales but surpassed it by achieving New Sales of Rs. 22,000 mn. The company has so far delivered 163 Projects spanning over 46.97 Mn. sft of developed area and has currently 42 on-going projects aggregating 40 mn sq. ft of developable area. Some of the Completed Projects include UB City, The Forum, Prestige Acropolis, Prestige Shantiniketan, Prestige Ozone and Prestige Tech Park.
Prestige Estates ( http://www.prestigeconstructions.com ) is the only DA1 Rated Developer in the Country, according to CRISIL which signifies the Company’s excellent ability to execute real estate projects as per specified quality levels, within stipulated time schedules and to transfer clean title.
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