Prestige Estates reports 69% sales surge in H1FY24, share price jumps to 52-week high

During H1FY24, the Group registered record-breaking highest sales of Rs 11,007.3 crore, up by 69 percent YoY and collections of Rs 5380.6 crore, up by 13 percent YoY.

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Prestige Estates Projects share price added more than 2 percent to touch its 52-week high of Rs 699 in the early trade on October 9 after the company registered record-breaking highest sales during the first half of FY24 (H1FY24).

During H1FY24, the Group registered record-breaking highest sales of Rs 11,007.3 crore, up by 69 percent YoY and collections of Rs 5380.6 crore, up by 13 percent YoY.

The sales during this period were up 30 percent YoY to 10.7 million square feet with an average realization of 25 percent YoY at Rs 10,338 per square foot for apartments/ villas and an average realization of Rs 4,825 square foot, up 17 percent YoY for Plot sales.

The Group sold 5935 units during H1FY24.

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During Q2FY24, the Group registered sales of Rs 7,092.6 crore, up 102 percent YoY and collections of Rs 2,639.8 crore, up 1 percent YoY.

The sales during this period were up 50 percent YoY to 6.84 million square feet with an average realization of Rs 10,369 square feet, up 29 percent YoY for apartments/villas and an average realization of Rs 6,753 square feet, up 62 percent YoY for Plot sales.

The group sold 3659 units during Q2FY24.

During the first half of the year FY24, the new launches totalled 16.20 million square feet and total completions during the half year stood at 8.11 million square feet.

Brokerage firm HDFC Securities in its report dated October 3, has maintained a buy rating on the stock with an increased SOTP-based Target Price of Rs 786 per share and also increased residential pricing assumption, increased the value of MMR office assets and increased hotel valuation.