Bengaluru-based listed real estate developer Prestige Group has posted an 82% decline in its consolidated net profit to ₹25 crore in the quarter ended March from ₹140 crore in the year-ago period, the company said in a regulatory filing.
The company stated that the total income for the Q4 quarter also dropped to ₹1,589.3 crore from ₹2,232.5 crore in the corresponding quarter of the previous fiscal year.
For the full financial year 2024-25, Prestige Estates recorded a decline in its net profit, which fell to ₹467.5 crore from ₹1,374.1 crore in 2023-24, down by 66%. Annual revenue was also down to ₹7,735.5 crore, a decrease from ₹ 9,425.3 crore in the previous year.
In FY25, the company also partnered with Valor Group to develop an office complex worth ₹4,500 crore in Mumbai. The project's estimated Gross Development Value (GDV) is approximately ₹4,500 crore, with Valor and Prestige each holding a 50% economic stake.Also Read: ₹4,500 crore in Mumbai's Andheri">Prestige Estates partners with Valor Group to develop an office complex project worth ₹4,500 crore in Mumbai's Andheri
The project entails a total leasable area of 1.5 million sq ft and a Gross Development Value (GDV) of about ₹4,500 crore. The joint development agreement was signed on May 28 for land measuring 21,978.22 square metres in Andheri East, Mumbai.
{{/usCountry}}The project entails a total leasable area of 1.5 million sq ft and a Gross Development Value (GDV) of about ₹4,500 crore. The joint development agreement was signed on May 28 for land measuring 21,978.22 square metres in Andheri East, Mumbai.
{{/usCountry}}"The company and Valor Group shall jointly develop approximately 1.50 million sq. ft. of leasable area commercial office complex on a 50:50 joint venture basis," Prestige Estates said. The company will infuse ₹504 crore into the SPV (special purpose vehicle), which will be established to develop this project.
In April 2025, Prestige Hospitality Ventures Limited ('PHVL'), a wholly-owned subsidiary of the Company, filed Draft Red Herring Prospectus with the Securities and Exchange Board of India for a proposed Initial Public Offering, comprising an offer for sale of such number of equity shares aggregating up to ₹1000 crore and fresh issue of equity shares aggregating up to ₹1700 crore, the regulatory filing said.