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According to a BSE filling, Prestige Estates Projects’ overall net profit for the quarter ended December 31, 2022, increased by 75%. Its profit after tax (PAT) increased from Rs 92.40 crore in the third fiscal quarter of the prior fiscal year to Rs 161.70 crore in the third fiscal quarter of this year. The company's consolidated total revenue increased by 74.22 percent to Rs 2,347.50 crore in Q3 FY23. The company's combined total revenue for Q3 FY23 was Rs 2,347.50 crore, up by 74.22 percent from Rs 1,347.40 crore in the same quarter of FY22.
The company has directly purchased an additional 10% stake in Prestige Sterling Infra Projects and indirectly acquired an additional 30% stake in Prestige OMR Ventures LLP according to the regulatory filing. Apex Realty Management and Apex Realty Ventures LLP have come under the company's management over the nine months that ended on December 31, 2022.
Prestige Estates Projects Limited, commonly known as Prestige Estates, is a leading real estate developer based in Bengaluru, India. Founded in 1986 by Razack Sattar, Prestige Estates has established a strong presence in the Indian real estate market over the past three decades.
The company is primarily engaged in the development of residential, commercial, retail, and hospitality properties. Prestige Estates has completed over 247 projects spanning 134 million square feet, and has a pipeline of over 51 million square feet of upcoming projects. Some of the company's notable completed projects include the Forum Mall in Bengaluru, Prestige Golfshire Club in Nandi Hills, and Prestige Acropolis in Hyderabad.
Prestige Estates has received numerous awards and accolades for its projects, including the 'Best Real Estate Brand' award at the Brand Real Estate Awards 2018, 'Luxury Project of the Year' award at the NDTV Property Awards 2014, and the 'Best Residential Project' award at the CNBC AWAAZ Real Estate Awards 2012.
In addition to its real estate development activities, Prestige Estates is also involved in property management and maintenance, as well as property-related services such as leasing and resale. The company has a strong focus on sustainability and has implemented various green initiatives in its projects, such as rainwater harvesting and solar power systems.
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