Prestige Group sees spurt in Q4 profit at ₹1,350.5 cr on asset sale

Helped by the transaction with Blackstone which contributed ₹1,175.8 crore to the bottomline, Prestige Estates Projects Ltd has posted a net profit of ₹1,350.5 crore on a consolidated basis for the Q4 of FY 2020-21 as against ₹51.1 crore recorded in the same period last year.

The company’s total income is higher by 17.04 per cent to ₹2,360.6 crore as against ₹2,016.9 crore in the same period last year.

Commenting on the company’s performance, Irfan Razack, Chairman, Prestige Group said “Despite the challenging environment, the company has recorded the highest ever sales and collections during the fiscal year. The record sales were backed by the great response to our newly launched projects as well as ready to move in inventory.”

Venkat K Narayana, Chief Executive Officer, Prestige Group said “During the year, we have concluded phase 1 of the transaction valued at ₹7,467 crore with Blackstone (Phase 2 is underway). The proceeds are being utilised towards debt reduction and for the next level of growth. While our sales for FY21 are highest ever at ₹5,460.8 crore, our debt to equity ratio is lowest ever at 0.19x. Our consolidated net debt has come down to ₹1,314.1 crore from ₹8,464.5 crore previous quarter. We have lined-up over 15 million square feet for launch this year across cities and have 40 million square feet under planning.”