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Prestige Estate share zooms 9% after net profit rises multifold in Q4

For FY21, the company posted a net profit of Rs 1,456.2 crore against Rs 403.1 crore in the previous year

twitter-logoBusinessToday.In | June 9, 2021 | Updated 11:51 IST
The share has delivered 66.6 per cent returns in the last 12 months and risen 13 per cent since the beginning of this year.
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Share of Prestige Estate rose 9 per cent to hit an intraday high of Rs 317 after the company reported a sharp increase in its consolidated net profit to Rs 1,336.3 crore for the quarter ended March, driven by monetisation of a large portfolio of commercial assets.

Net profit stood at Rs 15.4 crore in the year-ago period.

The stock opened 6.5 per cent higher at Rs 310.00 against the previous close of Rs 291.30 on BSE. Market cap of the firm rose to Rs 12,096.00 crore.

The share has delivered 66.6 per cent returns in the last 12 months and risen 13 per cent since the beginning of this year.

The share stands higher than 5 day, 10 day, 20 day, 50 day, 100 day, and 200-day moving averages.

For FY21, the company posted a net profit of Rs 1,456.2 crore against Rs 403.1 crore in the previous year.

Total income rose to Rs 2,360.6 crore in the fourth quarter of last fiscal from Rs 2,016.9 crore in the corresponding period of the previous year, the Bengaluru-based firm said in a regulatory filing.

The company made an exceptional profit of Rs 1,469.8 crore in the fourth quarter from monetisation of certain commercial assets.

In March 2021, the Bengaluru-based real estate developer Prestige Group sold assets worth Rs 7,467 crore to investment firm Blackstone in the first phase of Rs 9,100-crore transaction.

The phase one transaction included the sale of 12 assets/ undertakings comprising completed retail, office, and hotel assets. The rest of the transaction is expected to be completed by the end of the next quarter.

As part of the first phase, the company sold 100 per cent stake in Cessna Business Park and Aloft Hotel, Trade Tower in Bengaluru, and Prestige Fintech in Gift city.

It also divested 85 per cent of its rights and interests in retail properties which include Forum Shantiniketan, Forum Koramangala, Forum Neighbourhood and Oakwood Residences in Bengaluru, Forum Centre City in Mysuru, Forum Fiza in Mangaluru, Forum Celebration in Udaipur, and Forum Sujana in Hyderabad.

Through the transaction, the company's debt has reduced by Rs 4,594 crore, Prestige Group said in a statement to the stock exchange.

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