Prestige Estates hits a 52-week high as major real estate newspapers report quarterly sales and collections in the third quarter
Prestige Estates shares hit a 52-week high of Rs 553.40 each on Tuesday. The stock gained after investors responded positively to the major real estate company’s third-quarter results, in which it posted its highest-ever quarterly sales of Rs 4,267.6 crore, up 111% year-on-year (YoY), and highest collections ever of Rs 2,431.6 crore, up 70% year-on-year.
The new sales were supported by the strong response to its newly launched projects, the company said. “We look forward to continuing to expand our footprint in high-growth markets,” the company said in a statement.
Irfan Razack, President of Prestige Group, said: “We are delighted to report another robust performance during T3F22. the new sales were supported by the great response to our newly launched projects; Prestige Avalon, Aspen & Eden Park, part of The Prestige City, Bengaluru, Prestige Beverly Hills, Hyderabad and the existing inventories across geographies. It’s a very exciting time for the brand, with new launches and markets to support the ambitious growth plans we have set ourselves.”
our quality products on time. As we launch 2022, our business plan will be anchored by a primary focus on revenue expansion as we continue to capitalize on our brand premium, track record of execution and theme of market consolidation. We look forward to further sales growth in 2022, supported by the strong launch pipeline of over 15 million square feet. »
(Edited by : Thomas Abraham)