Prestige Estates shares end lower despite highest annual sales in FY24

Shares of Prestige Estates Projects Ltd ended lower on Monday despite the real estate firm saying that the Prestige Group achieved the highest ever annual sales of Rs 21,040 crore for FY24, rising 63% YOY from Rs 12,931 crore in FY23. Q4 sales climbed 21% YOY to touch Rs 4,707 crore.

Prestige Estates said the Group attained the highest ever annual collections - of Rs 11,954 crore for FY24, rising 22% YOY against FY23 collections of Rs 9,805 crore.

On the other hand, quarterly collections amounted to Rs 3,474 crore, rising 26% YOY.

Prestige Estates stock ended 1.13% lower at Rs 1275.75 against the previous close of Rs 1290.35 on BSE.  During the day, the stock rose 2.87% intraday to Rs 1327.40. Total 0.29 lakh shares of the firm changed hands amounting to a turnover of Rs 3.72 crore. Market cap of Prestige Estates slipped to Rs 51,139 crore on BSE. 

Prestige Estates shares have a one-year beta of 0.4, indicating very low volatility during the period. In terms of technicals, the relative strength index (RSI) of Prestige Estates stands at 63.6, signaling it's trading neither in the overbought nor in the overtrading zone. 

Prestige Estates stock stands higher than the 10 day, 100 day, 150 day, 200 day but lower than the 20 day, 30 day, 50 day moving averages. 

The firm said it achieved the highest ever area sold in the year, totalling 20.25 mn sft, up 34% YOY. Quarterly area sold rose 3% to 4.11 mn sft.

It achieved highest ever annual launches in a year, with total project launches totalling total development area (TDA) aggregating to 40.19 million sft, in FY 24, rising  52% YOY.

The firm said it completed delivery of 300 projects encompassing 190 Mn sft area overall to date. It delivered 19 projects spanning 25.55 mn sft in FY24 and 9 projects spanning 13.33 mn sft in Q4 FY24.

Irfan Razack, Chairman and Managing Director, Prestige Group, said, “We are happy to announce our strong achievements in FY24 - our record-breaking sales of Rs 21,040 Cr, coupled with the highest ever annual collections of Rs 11,954 Cr, area sold, etc -among other parameters, reflect the trust of our customers and dedication of our team. Furthermore, the strategic initiatives, including significant acquisitions and successful partnerships, have not only contributed to our financial success but also strengthened our position as a leading real estate developer. The completion of landmark projects and the recognition received in terms of awards and certifications are a testament to our relentless pursuit of quality and customer satisfaction.”

Prestige Estates is one of the leading real estate developers in the country.