Prestige Estates Projects (PRESTIGE) Q2 24/25 earnings summary

Executive summary

• Achieved Q2 FY25 sales of INR 4,226 crores and H1 FY25 sales of INR 7,052 crores, with 2,730 units sold in H1 and 5.87 million sq ft in sales volume, despite year-over-year declines in sales and area sold.

• Successfully completed a QIP, raising INR 5,000 crores (Rs. 50,000 million), with funds allocated to debt reduction, business expansion, and investments in subsidiaries; 29,868,578 equity shares were issued.

• Launched three major projects in Q2, totaling 8.19 million sq ft, and five projects in H1, with a gross development value (GDV) of INR 10,000 crores; major launches included Prestige Raintree Park and Pine Forest, with 10.05 mn sft launched in H1.

• Maintained strong market demand and high occupancy in office (90%) and retail (99.2%) segments, with robust sales in Bangalore, Mumbai, and Hyderabad.

• 38-year legacy with presence in 13 cities and diversified segments: residential, commercial, retail, hospitality, and property management.

Financial highlights

• H1 FY25 revenue reached INR 4,448 crores (₹44,483 mn), EBITDA at INR 1,709 crores (₹17,094 mn, 38.43% margin), and PAT at INR 541 crores (₹5,416 mn, 12.18% margin), all down year-over-year.

• Q2 FY25 revenue was ₹24,238 mn, EBITDA at ₹7,507 mn, PAT at ₹2,346 mn; Q2 and H1 FY24 included a one-time gain of ₹8,512 mn from an acquisition.

• Q2 collections were INR 2,737 crores; H1 collections totaled INR 5,653 crores.

• Cash and cash equivalents at September 30, 2024, were Rs. 44,891 million, up from Rs. 15,212 million a year earlier.

• Basic and diluted EPS for H1 FY25 were Rs. 10.49, down from Rs. 27.88 in H1 FY24.

Outlook and guidance

• Targeting INR 24,000 crores in pre-sales for FY25, with management confident of meeting or exceeding this guidance.

• Planned launches of INR 52,000 crores GDV in H2 FY25, with approximately INR 25,000 crores in Q3 and the remainder in Q4.

• GDV of projects expected to launch in FY25 totals ₹521,142 mn across 53.47 mn sft.

• Projected annuity income from commercial and retail segments expected to rise significantly by FY29.

• Anticipates strong pre-sales in H2, supported by a robust launch pipeline and pent-up demand.