Prestige Estates posts Rs 216 crore net profit in Q3 financial year 2019-2020
Prestige Estates Projects Limited has reported net consolidated profit of Rs 216.4 crore during the third quarter (October-December) of 2019-20.
The profit after tax (PAT) stood at Rs 67.4 crore during the same quarter in 2018.
Prestige Estates posted total income from operations of Rs 2,696.3 crore during the third quarter of financial year 2019-2020, a massive growth from Rs 1,079 crore registered in the same quarter in the previous financial year.
The total expenditure during Q3 was Rs 2387.8 crore more than that in the same quarter previous financial year, where the expenses were 976 crore, the company said in a statement.
The real estate firm on January 20 this year took the approval from its shareholders for issuance of 1,34,41,654 equity shares at a price of Rs 325 per equity share on a preferential basis to an investor.
In its third quarter result, Prestige Estates Project Limited said that during the nine months ended December 31, 2019, it has acquired further 51 per cent in Prestige Hyderabad Retail Ventures Private Limited (formerly known as Babji Realtors Private Limited), 90 per cent stake in Prestige Garden Estates Private Limted, 50 per cent stake in Bamboo Hotel and Global Centre (Delhi) Private Limited and 28.99 per cent stake in DB (BKC) Realtors Private Limited for a consideration amounting to Rs 364 crore, Rs 211.9 crore, Rs 43.3 crore and Rs 50.1 crore respectively.
Prestige Estates has entered into an investment agreement resulting in loss of control in Apex Realty Management Private Limited and Apex Realty Ventures LLP. Post December 31, 2019, the company has acquired 50 per cent stake in Lokhandwala DB Realty LLP.