Prestige Estates Projects (PRESTIGE) Q1 24/25 earnings summary

Executive summary

• Quarterly sales reached INR 3,030 crore, with collections of INR 2,916 crore, and 2.86 million sq ft sold across 1,364 units, driven by strong demand in Bangalore, Hyderabad, and Mumbai.

• Two new projects totaling 1.86 million sq ft launched in Bengaluru, with several major launches planned for upcoming quarters.

• 38-year legacy with diversified presence in residential, commercial, retail, and hospitality segments, holding top developer ratings from ICRA and CRISIL.

• Consolidated revenue from operations for Q1 FY25 was Rs. 18,621 million, up from Rs. 16,809 million in Q1 FY24.

• Consolidated net profit for Q1 FY25 stood at Rs. 3,070 million, compared to Rs. 3,178 million in Q1 FY24.

Financial highlights

• Gross margins stood at 35%, with EBITDA margins improving to 25%-27% year-over-year, aided by price increases and favorable project mix.

• Q1 FY25 revenue reached ₹20,245 mn, up 2.96% year-over-year, and EBITDA at ₹9,587 mn, up 18.05% year-over-year, with a margin of 47.35%.

• PAT at ₹3,070 mn, down 3.40% year-over-year, with a margin of 15.16%.

• Mark-to-market gain of INR 87 crore (₹874 mn) on Nexus/REIT retail unit contributed to higher EBITDA margin.

• Net cash flow from operations was INR 1,075 crore for the quarter; CapEx for the quarter was INR 800 crore, with INR 1,500 crore spent on land and business development.

Outlook and guidance

• Confident in achieving or exceeding 25-30% growth guidance for the year, contingent on timely regulatory approvals and inventory availability.

• Strong pipeline with 28 upcoming residential projects (73 mn sq ft) and 5 upcoming commercial projects (8 mn sq ft).

• Multiple launches expected in Bangalore, Mumbai, and NCR in the next two quarters, with robust demand anticipated.

• Residential segment expected to move to a net cash position within 6 quarters as new projects are launched and sold.

• Continued focus on expanding in Mumbai and NCR markets.