Bengaluru-based real estate player Prestige Estates reported a consolidated net profit of ₹910 crore in the second quarter of this year, marking an exponential jump from ₹148.6 crore in the same quarter last year.
This remarkable growth was primarily driven by a substantial rise in other income, according to the company’s regulatory filing. In Q2, other income soared to ₹1,019 crore from ₹47 crore in the corresponding quarter last year. Additionally, their revenue experienced robust growth, rising by 56.6 percent year-on-year to reach ₹2,236 crore, surpassing market expectations.
In terms of EBITDA, the second quarter reported a 61 per cent year-on-year increase, reaching ₹592 crore, compared to ₹368 crore in the second quarter of FY23. The EBITDA margin for the quarter stood at 26.4 percent, up from 25.8 percent in the same quarter a year ago.
Prestige Estates operates in five key segments, including office, retail, hospitality, services, and residential. During the Q2, these segments posted revenues of ₹149.9 crore, ₹112.1 crore, ₹340.7 crore, ₹445.1 crore, and ₹2,638.5 crore, respectively.
Furthermore, the company achieved a significant milestone by recording its highest-ever quarterly sales, totalling ₹7,092 crore, representing a 102 percent year-on-year growth, and sold a total of 3,659 units.