Prestige Estates posts ₹216 crore net profit in Q3 financial year 2019-2020 - Hindustan Times
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Prestige Estates posts 216 crore net profit in Q3 financial year 2019-2020

Hindustan Times, New Delhi | By
Jan 28, 2020 02:00 PM IST

Prestige Estates posted total income from operations of ₹2,696.3 crore during the third quarter of financial year 2019-2020, a massive growth from ₹1,079 crore registered in the same quarter in the previous financial year.

Prestige Estates Projects Limited has reported net consolidated profit of 216.4 crore during the third quarter (October-December) of 2019-20.

Venkat K. Narayana, CFO, Prestige Estates Projects Ltd.(File Photo)
Venkat K. Narayana, CFO, Prestige Estates Projects Ltd.(File Photo)

The profit after tax (PAT) stood at 67.4 crore during the same quarter in 2018.

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Prestige Estates posted total income from operations of 2,696.3 crore during the third quarter of financial year 2019-2020, a massive growth from 1,079 crore registered in the same quarter in the previous financial year.

The total expenditure during Q3 was 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 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 364 crore, 211.9 crore, 43.3 crore and 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.

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