Prestige Estates Projects down as Q1 revenue dips

Prestige Estate Projects Limited was down 3 percent on the August 9 morning, a day after the company reported a 13.3 percent year-on-year (YoY) decline in consolidated revenue at Rs 1,680 crore in the June quarter.

Net profit, however, jumped 30 percent YoY to Rs 267 crore, the company said in an exchange filing on August 8.

Prestige’s other income rose to Rs 285 crore, a three-fold increase from the Rs 73 crore in the corresponding quarter of the previous fiscal.

In the quarter, the group acquired a 51 percent stake in Dashanya Tech Parkz Private Limited, a general construction company.

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Prestige Falcon Realty Ventures Private Limited, a wholly-owned subsidiary of the company, retired from Lokhandwala DB Realty limited liability partnership (LLP). Prestige Acres Private Limited, another subsidiary, entered the LLP as a partner with 50 percent ownership and economic rights.

At 10.12 am, the stock was trading at Rs 585.55 on the National Stock Exchange, down 2.65 percent from the previous close.

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